Gold sales spike in SL as global prices hit records

Gold prices in Sri Lanka have surged to unprecedented highs in direct response to a record-breaking rally in the global market, sparking a surge in domestic gold circulation as consumers rush to sell their holdings at a premium. 

According to the All-Island Jewellers’ Association, a 24-karat gold sovereign (8 grams) was priced at Rs. 397,000 on January 26, a sharp increase from Rs. 368,425 at the start of the month. The price for a 22-karat sovereign similarly rose to Rs. 367,000 from Rs. 340,400. Finished jewellery, such as a 22-karat bangle or chain, is now selling for around Rs. 420,000. 

This dramatic rise is driven by global market dynamics where gold prices have surpassed key milestones like US$4,553 and even the US$5,000 per ounce mark.