Price of 22 karat gold yesterday was Rs 49,800 in the local market, which market sources claimed was a decrease, compared with price fluctuations in the last three months. Three months ago 22 karat gold was sold between Rs.55,000 and Rs.53,000.  Sri Lanka Jewellers Association President K. Radhakrishnan spoke of a further decline in the price [...]

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Gold prices decline spiking demand from abroad as well

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Price of 22 karat gold yesterday was Rs 49,800 in the local market, which market sources claimed was a decrease, compared with price fluctuations in the last three months. Three months ago 22 karat gold was sold between Rs.55,000 and Rs.53,000.  Sri Lanka Jewellers Association President K. Radhakrishnan spoke of a further decline in the price of gold.

“We believe that the price of gold may decrease further as most of the powerful countries in the market have auctioned their stocks. Especially countries such as Cyprus and China” he added. While RM150 Jewellers Manager Manoj Yogarajan said that demand for gold had increased consequent to its price decrease. “We expect more favourable business in the near future,” he said.

The Sunday Times learns that overseas buyers have approached the Sri Lankan market to purchase gold.




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