Sri Lanka reports a record hike in Gold prices

COLOMBO (News 1st): Gold prices in Sri Lanka on Thursday (July 9) reported a record high. According to the Colombo Gold Rates, the price of 24 Karat Gold sovereign was at Rs. 100,000, while the price of 22 Karat Gold sovereign was recorded at Rs. 80,000. The sudden hike in the prices in the local market is as a result of the price of an ounce of gold in the global market exceeding $1800 (USD). In global markets, gold price eased today after rising to a nine-year high in the previous session. Spot gold fell rates declined 0.2% to $1,806, after rising to its $1,817.71 (USD) in the previous session - a nine-year high. According to foreign media reports, a hike in the prices of gold is reported after 2011, with an increase of 40% in the past 14 months. Gold is considered a safe haven during times of political and financial uncertainty and the market analysts point out that the increase in the prices of gold is due to investors focusing on purchasing gold against the backdrop of an economic downfall due to the COVID-19 pandemic.