SBP reserves rise by $23m as gold prices extend rally

ISLAMABAD: The State Bank of Pakistan (SBP) said its foreign exchange reserves increased by $23 million during the week ended April 30, 2026, taking the central bank’s holdings to $15.85 billion.

According to the SBP, the country’s total liquid foreign reserves stood at $21.29 billion. Of that amount, net foreign reserves held by commercial banks were $5.44 billion.

The rupee also posted a marginal gain against the US dollar in the interbank market. It appreciated by Re0.01 to close at 278.71 against the previous close of 278.72.

Gold prices climb in local and global markets

Meanwhile, gold prices in Pakistan moved sharply higher on Thursday, tracking gains in the international bullion market, where prices rose for a third straight session amid improved sentiment linked to a possible peace agreement between the United States and Iran.

In the domestic market, the price of gold per tola rose by Rs7,800 to reach Rs496,762, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. The price of 10 grams of gold also increased by Rs6,687 to Rs425,893.

The latest increase came a day after a sharp rise on Wednesday, when gold prices had climbed by Rs11,100 per tola to settle at Rs488,962.

In the international market, spot gold was up 1% at $4,733.59 per ounce by 11:50 am EDT (1550 GMT), after touching a two-week high earlier in the session, according to Reuters. US gold futures rose 1.1% to $4,744 per ounce.

Market analysts said bullion remained supported by easing geopolitical concerns and expectations regarding US monetary policy. Optimism that Washington and Tehran could move towards a diplomatic understanding reduced fears of prolonged inflationary pressure and lowered expectations that interest rates would stay higher for longer, improving investor appetite for gold.

Investors were also watching the US employment report due on Friday, which could offer further guidance on the Federal Reserve’s interest-rate path.

Silver rises; analyst flags key levels

Silver prices in Pakistan also registered an increase, with the per tola rate rising by Rs373 to Rs8,445.

Interactive Commodities Director Adnan Agar said gold saw strong volatility during the day and touched a high of $4,764 in the international market after opening around the $4,700 level. "Later, the market was trading near $4,715. For the bullish trend to continue, the market needs to cross and close above $4,875," he said.

According to Agar, if gold remains above that level, the next target could be $4,850, followed by $4,900 and then the $5,000 mark. "If the market closes below $4,700, it would enter a dangerous zone where prices could decline from $4,600 towards $4,500," he noted.

Agar added that developments involving the US and Iran, along with changes in crude oil prices, would remain important drivers for the bullion market in the coming days.

Oil prices extended losses on Thursday, while data also showed that China’s gold reserves increased for the 18th consecutive month in April, indicating continued central bank demand for the metal.