Gold prices surge in Sri Lanka: 22-Carat sovereign Hhts Rs. 245,000

Gold prices in Sri Lanka have surged significantly this week, with a sharp increase of Rs. 5,000 recorded compared to last week’s rates. As of this morning, a 22-carat gold sovereign is selling for Rs. 245,000 in Colombo’s Pettah market, while 24-carat gold has climbed to Rs. 265,000.

This substantial rise reflects ongoing volatility in the local precious metals market, influenced by both global trends and domestic economic factors. Traders cite heightened investor demand and currency fluctuations as key drivers behind the current spike.

Analysts warn that if the trend continues, it could impact consumer purchasing, especially in the jewelry sector, which relies heavily on gold affordability.

Authorities and market watchers are keeping a close eye on further developments as the precious metal continues to act as a hedge against inflation and financial uncertainty.