Pakistan’s foreign exchange reserves saw a modest uptick during the week ending November 14, 2025, with the State Bank of Pakistan (SBP) reporting a $27 million increase. The central bank’s holdings rose to $14.551 billion, according to data released Thursday.
The SBP’s weekly report placed the country’s total liquid reserves at $19.738 billion. Of this, commercial banks accounted for $5.187 billion, while the SBP held the majority share.
To stabilise the money market, the SBP injected over Rs645 billion through both conventional and Shariah-compliant open market operations (OMOs). The one-day reverse repo OMO drew strong participation, with banks offering Rs512.6 billion—fully accepted at an 11.10% return. The realized value stood at Rs497.186 billion, with all seven submitted quotes cleared.
In parallel, the SBP conducted a Shariah-compliant Mudarabah-based OMO, underscoring its dual liquidity management framework. Offers totaled Rs146.5 billion, of which Rs132.5 billion were accepted at an 11.08% return. Four out of five bids were cleared, with a realized value of Rs133.237 billion.
Meanwhile, gold prices in Pakistan slipped on Thursday amid cautious investor sentiment. The decline followed stronger-than-expected U.S. jobs data for September, which prompted traders to reassess expectations for Federal Reserve policy.
In the local market, gold per tola fell by Rs5,000 to Rs426,562, while 10 grams dropped Rs4,286 to Rs365,708, according to the All-Pakistan Gems and Jewellers Sarafa Association. This came a day after prices had surged by Rs7,900 to Rs431,562.
Interactive Commodities Director Adnan Agar noted that gold was trading around $4,090, reflecting a $67–73 increase. “The trend is slightly downward and the market is moving slowly,” he said, highlighting key levels at $4,000–4,020 on the downside and $4,155 on the upside. A close below $4,000 could trigger further losses, while crossing $4,155 may spark a rebound.