Business
SBP buys $7.8 billion over 12 months | The Express Tribune
KARACHI:
The State Bank of Pakistan (SBP) carried out net foreign exchange interventions amounting to $7.8 billion between June 2024 and May 2025.
“The central bank purchased $522 million worth of foreign currency (US dollar) from the inter-bank forex market in May 2025,” noted Topline Securities. This brings last 12 months (June 2024 to May 2025) intervention to $7.76 billion.
These interventions led to an overall increase of $2.1 billion in the country’s foreign exchange reserves between June 2024 and May 2025, while the remaining amount was largely utilised for debt repayments, according to data compiled by Arif Habib Limited (AHL).
With May’s interventions of $522 million, the central bank’s reserves rose $1.24 billion to $11.52 billion. “The remaining amount was allocated to managing debt repayments,” noted AHL.
Moreover, the Pakistani rupee inched higher against the US dollar on Monday, appreciating 0.01% in the inter-bank market. At the close of trading, the local currency settled at 281.87, marking a gain of three paisa and extending its winning run to 12 consecutive sessions.
“However, the currency has depreciated 1.18% in the calendar year to date while posting an appreciation of 0.67% on a fiscal year-to-date basis,” said Ismail Iqbal Securities.
Last week, the rupee had posted another positive performance, rising 16 paisa to close at 281.90 compared to 282.06 a week earlier, according to figures released by the State Bank of Pakistan (SBP).
Meanwhile, gold prices in Pakistan remained stable, in contrast to the international market, where bullion fell as investors booked profits and a stronger US dollar weighed on sentiment.
Global focus has now shifted to the upcoming US Personal Consumption Expenditures (PCE) data for signals on the Federal Reserve’s policy outlook.
According to the All Pakistan Sarafa Gems and Jewellers Association, the local price of gold per tola stood unchanged at Rs359,800, while the rate for 10 grams also remained firm at Rs308,470. The precious metal had surged by Rs4,100 per tola on Saturday, touching Rs359,800.
Commenting on the trend, Interactive Commodities Director Adnan Agar said the market was unusually subdued. The low was at $3,359 and the high stood at $3,375.
“Today, the market is very cold and very quiet,” he noted. There was no such activity, although from Friday till now, the market had been up and was not down, he added.
Agar highlighted that only geopolitical developments such as the Ukraine-Russia conflict or fresh cues from the US Fed on rate movements could trigger movement in gold prices in the coming days.
Spot gold inched down 0.1% at $3,370.14 per ounce as of 0957 am ET (1357 GMT), after hitting its highest level since August 11 on Friday, according to Reuters. US gold futures for December delivery also fell 0.1% to $3,414.90.
The dollar nudged 0.2% higher against rival fiat currencies, making bullion priced in the dollar more expensive for foreign buyers.
Last Updated:
Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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