Colombo, Oct 22
The National Gem and Gold Jewelery Authority has pointed out that due to the global political and economic crisis, the gold market in Sri Lanka has also been hit hard.
However, it is indicated that the price of gold has decreased significantly in this period, although it is a period of rising gold prices.
The price of gold has been severely affected due to rising inflation in countries linked to the global gold market.
It has been warned that if the price of gold continues to fall, it will have a severe impact on the global economy.
Indika Bandara, Assistant Director of the Authority’s Precious Metals Analysis Bureau, clarified how this situation will affect Sri Lanka.
An ounce of gold has been reported at $1625 due to inflation in the United States. Gold prices have fallen due to the impact in the US.
Colombo’s Chettiar Street gold outlets recorded the lowest gold prices since March. Accordingly, the price of 22 carat gold was reported as 160000 rupees and the price of 24 carat gold was reported as 174000 rupees.
Those who bought gold as an investment in the current economic crisis may face losses. But this is a positive situation for the consumers, added Indika Bandara, Assistant Director, Bureau of Precious Metals Analysis, National Gem and Gold Jewelery Authority.