A significant decline in gold prices has been recorded in Sri Lanka’s local market over the past three days, following a sharp drop in global gold prices.
Accordingly, gold prices have decreased by approximately Rs. 29,000 in total across Thursday (19), Friday (20), and today (21).
Specifically, prices fell by Rs. 13,000 on Thursday, Rs. 6,000 on Friday, and a further Rs. 10,000 today.
Market analysts attribute the decline primarily to the drop in global gold prices, which have fallen below the US$5,000 threshold.
Additionally, the strengthening of the US dollar—driven by rising oil prices, disruptions in investment activity, and the broader economic impact of the conflict in the Middle East—has further contributed to the downward trend.
However, analysts note that the current situation may be temporary and expect that gold prices could rise again once global oil prices stabilize.
