Local gold dealers claimed that the recent increase in the dollar rate was to blame for the spike in gold prices in Sri Lanka.
Today (June 16), due to the depreciation of the Sri Lankan Rupee, the price of a 22-karat sovereign in the local gold market increased to Rs. 155,000.
A 22-karat sovereign was previously sold for Rs. 147,000 following the strengthening of the Sri Lankan Rupee.
The cost of a 24-karat gold sovereign has risen to Rs. 175,000 in the meantime.
A 24-karat gold sovereign was formerly selling for Rs. 160,000 on the local gold market.
