January 26, Colombo (LNW): Gold prices in Sri Lanka have jumped noticeably, mirroring a strong upward surge in international markets, with traders reporting a steep rise in the value of gold sovereigns over the past few days.
Dealers at the Colombo Pettah gold market say the price of a sovereign has increased by roughly Rs. 12,000, reflecting renewed investor demand for the precious metal.
Based on current market rates, a 24-carat gold sovereign is trading at around Rs. 362,200, while a 22-carat sovereign is being quoted close to Rs. 397,000, depending on craftsmanship and market conditions.
The local increase follows a significant global rally, with gold prices crossing the USD 5,000 mark per ounce for the first time. Analysts attribute the surge to ongoing economic uncertainty, geopolitical tensions and continued demand for safe-haven assets.
Market observers expect the upward momentum to continue, with some forecasts suggesting that gold could climb beyond US$ 5,500 per ounce before the end of the year if current global trends persist. This outlook has further fuelled interest among both investors and traditional buyers in the domestic market.
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