Colombo, October 18 — Gold prices in Sri Lanka surged to an all-time high on Friday, driven by global market volatility and a weakening rupee. According to market data, 24-karat gold soared to රු44,310 per gram, while 22K gold hit රු40,620, and 18K gold reached රු33,234.50
This marks the highest recorded price for gold in Sri Lankan history, surpassing the previous peak of රු1,257,205 per ounce set earlier this week.
📈 What’s Driving the Surge?
- Global uncertainty: Rising geopolitical tensions and inflation fears have pushed investors toward safe-haven assets like gold.
- Currency pressure: The Sri Lankan rupee continues to face depreciation against the US dollar, amplifying local gold prices.
- Demand spike: Jewelers report increased buying ahead of the festive season, further tightening supply.
✈️ Impact on Consumers and Traders
Local gold traders are bracing for cautious consumer behavior, as high prices may dampen retail purchases. However, some see this as an opportunity for short-term profit-taking and investment hedging.
