Sri Lanka’s gold market has recorded a significant decline over the past three days, following a sharp drop in global gold prices.
Accordingly, local gold prices have fallen by approximately Rs. 29,000 between Thursday (19), Friday (20) and today (21).
Prices declined by Rs. 13,000 on Thursday, Rs. 6,000 on Friday and a further Rs. 10,000 today.
Market analysts attribute the drop mainly to a fall in global gold prices, which have slipped below the US$5,000 mark.
They also point to the strengthening of the US dollar—driven by rising oil prices—as well as disruptions to investment activity and broader economic impacts from the Middle East conflict as contributing factors.
However, analysts note that the current trend may be temporary, with gold prices expected to recover once global oil markets stabilize.
