Sri Lanka, Jan. 26 -- A sharp increase was witnessed in the local gold market as prices rose rapidly in line with global trends at the start of the week (26).

R. Balasubramaniam, Secretary of the All-Island Jewelers' Association, said a 24-karat gold sovereign was priced at Rs. 397,000 today, compared to Rs. 368,425 at the beginning of the month.

A 22-karat sovereign was traded at Rs. 367,000, up from Rs. 340,400 in early January. Balasubramaniam noted that prices were even lower during the first week of January, when a 24-karat sovereign sold for around Rs. 360,000 and a 22-karat sovereign for Rs. 337,000.

Referring to crafted gold items, he said a 22-karat gold sovereign bracelet or bangle is now priced at around Rs. 420,000. A gold...