The price of a 22-carat gold sovereign in Sri Lanka has surpassed Rs. 300,000 for the first time today (08).
As of 3:30 p.m., the price of a 22-carat gold sovereign in the Colombo Pettah market has risen to Rs. 303,400, up from Rs. 290,500 recorded yesterday.
The price of a 24-carat gold sovereign, which stood at Rs. 314,000 yesterday, has now climbed to Rs. 328,000, according to traders at the Pettah market.
Meanwhile, gold pushed through US$ 4,000 an ounce to hit a record today, driven by investors seeking safety from mounting economic and geopolitical uncertainty, alongside expectations of further interest rate cuts by the U.S. Federal Reserve.
Spot gold was up 0.7% at $4,011.18 per ounce by 0300 GMT. U.S. gold futures for December delivery gained 0.7% to $4,033.40 per ounce.
Traditionally, gold is seen as a store of value during times of instability. Spot gold is up 53% year-to-date after rising 27% in 2024.
