Gold prices drop significantly in Sri Lanka

A significant drop in gold prices has been recorded in Sri Lanka today, according to the All Ceylon Jewellery Merchants Association.

Based on the information released by the association, the price of a sovereign of 24-carat gold has decreased by 8,000 rupees.

Accordingly, under current market conditions, a sovereign of 24-carat gold is being sold at 370,000 rupees.

Meanwhile, it has also been stated that a sovereign of 22-carat gold is retailing at 340,400 rupees.

On a per-gram basis, the association noted that a gram of 24-carat gold is selling at 46,250 rupees, while a gram of 22-carat gold is priced at 42,550 rupees.

Market sources state that fluctuations in the value of the United States dollar and shifts within the international gold market are among the factors that have influenced the domestic price of gold.

In the meantime, jewellery merchants highlighted that today's price drop has provided some relief to individuals who were planning to purchase gold.