Gold prices in Sri Lanka have recorded a sharp decline over the past three days, in line with the global market downturn, it was reported.
According to market reports, prices fell by a total of Rs. 29,000 between Thursday (19), Friday, and today (21).
On Thursday, gold prices dropped by Rs. 13,000, followed by a further Rs. 6,000 reduction yesterday, and another Rs. 10,000 decrease today.
Analysts attribute the decline primarily to the fall in global gold prices below the USD 5,000 mark.
They note that the strengthening of the US dollar, driven by the impact of the Middle East conflict on the global economy, reduced investment activity and rising oil prices, have also contributed to the drop.
However, analysts stressed that the situation is temporary, adding that once oil prices stabilize, gold prices are likely to rise again. (Newswire)