KARACHI:

Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) posted a modest increase during the week ended February 6, 2026, according to data released on Thursday.

The SBP’s FX reserves rose by $21 million on a weekly basis to $16.18 billion. Meanwhile, the country’s total liquid foreign reserves stood at $21.37 billion. Of this, the net foreign reserves held by commercial banks amounted to $5.20 billion. Meanwhile, the Pakistani rupee marginally strengthened by Rs0.01 against the US dollar, closing at 279.65 in the inter-bank market compared with 279.66 a day ago.

Gold prices in Pakistan remained unchanged on Thursday, mirroring a subdued trend in the international bullion market as stronger-than-expected US labour data tempered expectations of near-term Federal Reserve rate cuts, offsetting safe-haven demand arising from geopolitical tensions between the United States and Iran. In the local market, the price of gold per tola held steady at Rs528,562, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association. Similarly, the price of 10 grams of gold remained unchanged at Rs453,156. On Wednesday, gold prices had climbed by Rs2,300 per tola to reach the current level.

Internationally, gold prices showed limited movement, with the rate hovering around $5,058 per ounce, including a $20 premium. Spot gold edged 0.4% lower to $5,059.87 per ounce by 9:30 am ET, while US gold futures for April delivery slipped 0.3% to $5,085.10 per ounce, according to Reuters.

Meanwhile, silver prices in the domestic market registered an uptick, rising by Rs90 to settle at Rs8,825 per tola.

Market participants attributed the lacklustre trend in gold prices to mixed global cues. Strong US job growth data for January reduced expectations of early monetary easing by the Federal Reserve, weighing on bullion. At the same time, lingering geopolitical concerns, including ongoing discussions between the US and Israeli leadership regarding Iran, provided some support to safe-haven demand.

Adnan Agar, Director at Interactive Commodities, noted that the international gold market remained slow and range bound over the past five trading sessions, fluctuating between $5,038 and $5,080 per ounce. He said the market was currently standing near $5,060 and had maintained a key psychological support level of $5,000.

He emphasised that upcoming US inflation data, particularly the Consumer Price Index (CPI) due on Friday, could play a critical role in determining gold’s short-term direction. Agar added that a US bank holiday on Monday may further dampen trading activity.

Looking ahead, analysts say a sustained move above $5,200 per ounce could push gold towards fresh highs, while a drop below $5,000 may trigger further downside in the absence of strong positive catalysts.