Gold prices drop amidst rupee gains
While the Sri Lankan rupee has been appreciating against the US dollar during the last two weeks, local gold prices have also dropped.
“The market is reflecting the cost structure of the rupee value against the US dollar. As a result of the rupee appreciation the prices of 22 and 24 karat sovereign gold have been dropping gradually,” said Sellakumar Kandasamy, one of the board of directors of the Sri Lanka Gem and Jewellery Association.
The price of 24 karat sovereign gold on Friday was Rs. 155,000 down from its previous value of Rs. 185,000 while the price of 22 karat sovereign gold was Rs. 143,500 against its previous value of Rs. 172,000, he added.
He also noted that gold has not been imported for local sales since the import restrictions came in and what’s been traded is what is in circulation locally.
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