Sri Lanka, Oct. 23 -- The price of gold in Sri Lanka has seen a significant decline this week, dropping by nearly Rs. 60,000 compared to last Friday (17). Notably, within yesterday alone (22), prices have fallen by around Rs. 20,000, according to traders at the Colombo Pettah gold market.
As of yesterday, the price of a 22-carat gold sovereign stands at Rs. 322,000, a sharp fall from Rs. 379,200 recorded last Friday. Similarly, the 24-carat gold sovereign has dropped to Rs. 350,000*, down from Rs. 410,000 just five days ago.
Traders attribute the steep decline to fluctuations in global gold prices and changes in foreign exchange rates, which continue to influence local market trends. The global gold rate, which hovered around USD 2,390 pe...