According to traders, the local price of gold increased by approximately Rs. 7,000 within a single day due to strong movements in global bullion prices.
As a result, the price of a 22-carat gold sovereign at the Pettah market climbed to Rs. 363,400 yesterday.
Meanwhile, the price of a 24-carat gold sovereign also recorded a notable increase. Traders stated that the price, which stood at Rs. 388,000 on Monday, had risen to Rs. 395,000 by yesterday.
Market analysts attribute the sudden rise to increased international demand for gold and fluctuations in global economic conditions, which continue to influence local bullion prices.
Gold traders expect market volatility to persist in the coming days as international prices remain unstable.
