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Amid escalating global tensions and a weakening dollar, gold prices in Sri Lanka have soared to unprecedented levels, following a worldwide rally that pushed the metal past USD 3,200 an ounce.
Gold prices in Sri Lanka have reached new record highs, mirroring a global surge driven by economic uncertainty and a flight to safe-haven assets.
According to traders at Sea Street, the price of a pound of 22-carat gold rose to Rs. 235,500 today (April 11), while 24-carat gold jumped to Rs. 256,000 — marking a significant increase over recent days.
Internationally, gold breached the key USD 3,200 mark for the first time ever, with spot gold rising 1.4% to USD 3,217.78 per ounce as of 03:50 GMT. Earlier in the session, it hit a record high of USD 3,219.84. U.S. gold futures also climbed 1.9%, reaching USD 3,237.50 per ounce.
The global rally has been spurred by a weakening U.S. dollar—down nearly 1% against major currencies—making gold more attractive to overseas buyers. Heightened fears over the intensifying trade conflict between the U.S. and China have further driven investor demand for bullion.
Markets were rattled after U.S. President Donald Trump raised tariffs on Chinese imports to 145%, while temporarily suspending duties on other countries. In response, China has been escalating its own tariffs, with speculation that rates on U.S. goods could exceed the current 84%, adding to global economic uncertainty.
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