The most notable development is that the price of a gold sovereign has increased by nearly Rs. 30,000 within less than a month, marking one of the fastest price hikes in recent times.
According to R. Balasubramaniam, Secretary of the All Ceylon Jewellers Association, the price of a 24-carat gold sovereign stood at Rs. 397,000 today. At the beginning of this month, the same sovereign was priced at Rs. 368,425.
Meanwhile, the price of a 22-carat gold sovereign increased to Rs. 367,000, compared to Rs. 340,400 at the start of the month.
Market analysts attribute the sharp rise in local gold prices to escalating prices in the international gold market, driven by global economic uncertainties.
