Gold prices in Sri Lanka have witnessed a notable increase due to the recent uptick in the Dollar rate, according to local gold merchants.
As a result of the depreciation of the Sri Lankan Rupee, the price of a 22-karat sovereign has surged to Rs. 155,000 in the local gold market as of today (June 16). This marks a significant rise from the previous rate of Rs. 147,000 when the Sri Lankan Rupee experienced appreciation.
Similarly, the price of a 24-karat gold sovereign has also witnessed an upward trend, reaching Rs. 175,000. Previously, the price had dipped to Rs. 160,000 in the local gold market.
The fluctuating Dollar rate, coupled with the depreciation of the Sri Lankan Rupee, has impacted the gold market in Sri Lanka, causing prices to rise. These developments serve as a reminder of the interconnectedness of global currency dynamics and their influence on commodity prices, including gold.