A Sri Lankan businessman has been arrested at the Katunayake Airport with a stock of gold valued at Rs. 11,885,514, it was reported.

According to the Police, the 53‑year‑old suspect, a resident of Matale, was taken into custody yesterday (08) by officers of the Airport Police Narcotics Division. 

He had arrived from Dubai at 6.30 am and was allegedly attempting to move the gold out of the airport without a license or declaration to Customs.

Investigators said the suspect had concealed 12 gold necklaces weighing 271.48 grams, 10 bangles, and 2 gold biscuits inside his luggage.

The man was later handed over to officials of the Customs Preventive Office for further inquiry. 

During a formal customs examination, the gold stock was confiscated, and the passenger was ordered to pay a fine of Rs. 1 million. (Newswire)

The post Businessman arrested at BIA with Rs. 11.8 Mn worth of gold appeared first on Newswire.

Nearly 30 grams of 24‑carat gold valued at approximately Rs. 2.8 million was found in the possession of two women detained alongside a group suspected of attempting to smuggle gold from Sri Lanka to India on Wednesday. 

A customs inquiry into the pair is currently underway.

Customs officials said samples of around 520 grams of a substance suspected to be liquid gold, seized from two other suspects, have been sent for laboratory testing. 

Four more suspects remain under observation at the Jaffna Teaching Hospital until they expel suspected gold substances from their bodies.

Meanwhile, 18 passengers were released yesterday after examinations confirmed no hidden items were discovered.

The incident stems from the detention of 26 passengers, including 17 Indians, three Sri Lankan men and six Sri Lankan women, at Kankesanthurai Port on Wednesday (17). 

Acting on intelligence, Sri Lanka Customs intercepted the group as they prepared to board ferry SG423 bound for Nagapattinam, India. 

Two passengers were initially found with gold, prompting authorities to refer all 26 to the Jaffna Teaching Hospital for further examination.

Customs officials said investigations into the suspects are continuing. (Newswire)

The post Two women held with 30g of gold in Jaffna ferry smuggling probe appeared first on Newswire.

Gold prices in Sri Lanka rose sharply today (15) following a surge in international markets, where the price of gold climbed to USD 4,325.

According to sources from the Colombo Pettah gold market, as of 9.00 a.m. local prices had increased by Rs. 6,000.

A sovereign of 22‑carat gold was recorded at Rs. 360,600 today.

Meanwhile, the price of a sovereign of 24‑carat gold, which stood at Rs. 386,000 on Saturday (13), has risen to Rs. 392,000 today. (Newswire)

The post Gold prices surge in Colombo Market amid global rise appeared first on Newswire.

Gold prices in Sri Lanka have climbed by around Rs. 4,000, according to market data.

According to Colombo Pettah gold traders today (15), the price of a 22‑carat gold sovereign rose to Rs. 369,900, compared to Rs. 366,200 recorded last Friday (11).

Meanwhile, the price of a 24‑carat gold sovereign, which stood at Rs. 398,000 on Saturday, has increased to Rs. 402,000 today, traders said. (Newswire)

The post Gold prices rise in Sri Lanka appeared first on Newswire.

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)

The post Gold prices in Sri Lanka drop Rs. 29,000 in three days appeared first on Newswire.

Sri Lanka’s official reserve assets have surpassed the USD 7 billion mark for the first time since August 2020, according to the latest data from the Central Bank.

At the end of February 2026, reserves stood at USD 7,284 million, reflecting a 6.6% increase compared to USD 6,832 million in January. 

The bulk of the reserves came from foreign exchange holdings, which rose from USD 6,687 million to USD 7,057 million during the month.

The Central Bank’s gold reserves also recorded a sharp rise, climbing 83.4% from USD 109 million in January to USD 200 million in February. (Newswire)

The post Sri Lanka Reserves top $7 Billion for first time since 2020 appeared first on Newswire.

Gold jumped to a record high above $5,500 an ounce, extending a breakneck rally fueled by US dollar weakness and investor flight from sovereign bonds and currencies.

Bullion jumped as much as 3.2%, building on a 4.6% leap in the previous session – the biggest one-day gain since the height of the Covid-19 pandemic in March 2020. Precious metals have risen dramatically this year on heightened geopolitical tensions and worries about the independence of the Federal Reserve, which have supported the debasement trade. Silver also hit an all-time high on Thursday.

Traders looked beyond the Fed’s widely expected decision on Wednesday to leave interest rates unchanged. With a new monetary chief expected to take over from Jerome Powell later this year, BlackRock Inc.’s Rick Rieder — an advocate for more aggressive rate cuts — has emerged as a top contender. Traders are ramping up bets on a dovish policy shift, which would benefit non-yielding precious metals.

Gold rose 1.1% to $5,477.36 an ounce as of 9:05 a.m. in Singapore, having earlier hit an all-time high of $5,588.71. Silver climbed 0.7% to $117.47 an ounce. Platinum and palladium edged lower. The Bloomberg Dollar Spot Index fell 0.1% on Thursday and was down 1.3% for the week. (Bloomberg)

The post Gold jumps to record high above $5,500 appeared first on Newswire.

Gold hit a fresh record high on Monday, extending a blistering rally as investors piled into havens amid a swirl of geopolitical and policy shocks in recent days.

Spot gold advanced 2% to hit over $4,600 an ounce for the first time, before paring gains slightly, data from LSEG showed. Prices have risen around 6% this year alone so far.

An investigation into Federal Reserve Chairman Jerome Powell and speculation over whether it could hasten a leadership change at the Fed has added a fresh layer of policy risk: “Especially if it results in him stepping down and then leaving the Fed earlier than scheduled and is replaced by someone more in favor of rate cuts,” said Morningstar equity analyst Jon Mills.

Federal prosecutors are examining a $2.5 billion renovation of the Fed’s Washington headquarters and Powell’s testimony to Congress, Powell said Sunday night. The Fed Chair added that the investigation stems from President Donald Trump’s long-running frustration with the Fed’s reluctance to cut interest rates as aggressively or as quickly as he has urged.

The scenario that the appointment of a new Fed Chair may pave the way for faster interest-rate cuts, is traditionally supportive for gold. Lower interest rates tend to lift gold by reducing the opportunity cost of holding a metal that pays no yield. That effect has been amplified by recent U.S. economic data that pointed to a cooling labor market.

Latest flashpoints involving Iran and Venezuela also further catalyzed gold’s appeal as a safe haven. (CNBC)

The post Gold smashes new record of $4,600 appeared first on Newswire.

The Basnayake Nilame of the Ruhunu Maha Kataragama Devalaya, Thilina Madushanka, has clarified his decision to sell part of the temple’s gold reserves, stating it was taken to safeguard the assets after recent floods and to support national projects.

Speaking to the media, while participating in an inspection tour of the Monaragala District General Hospital yesterday (Jan 05), he assured the public that any sale would be conducted transparently and at fair value with official approval.

“Some of the gold reserves at the Kataragama Devalaya were affected by the recent floods. If, for some reason, part of that gold was carried away by the floodwaters, who would be held responsible? That is why I made this decision. At this time, even the government is facing major difficulties. We expected to help the government with its other projects. This is not a deal with the government or with the President. There is no such thing. The President has not made any request of me, even in the slightest. This is simply to assist,” he said. 

Thilina Madushanka further assured that the gold would be sold properly and that it would be carried out with complete transparency. 

“I will take full responsibility for it. None of it will be sold at a low price. It will be sold at the correct market value. I will make announcements through social media. If it is sold, it will be done with the approval of the Commissioner of Buddhist Affairs, and it will be carried out with complete transparency. I have no intention whatsoever of committing fraud. If anyone claims that I am trying to take temple property for myself, that is false. For the past four years, I have not taken even the caretaker allowance or any benefit from the Vishnu Devalaya. I do not take anything from the Kataragama Devalaya either,” he added. (Newswire)

The post Kataragama Devalaya Nilame defends gold sale plan appeared first on Newswire.

An individual has been arrested with a stock of gold items and electronic equipment illegally brought into the country, based on Army intelligence.

Airport Police apprehended the suspect, a resident of Wellampitiya, who arrived from Dubai on 30 December 2025.

He was found to be carrying gold, mobile phones, and computer equipment without paying customs duties. 

The suspect has been handed over to Customs for further investigations. (Newswire)

The post Suspect arrested at BIA with gold, electronics smuggled from Dubai appeared first on Newswire.

Gold rose on Tuesday after a U.S. jobs report showed the unemployment rate rose last month from September, reinforcing bets of rate cuts by the U.S. Federal Reserve and sending the dollar index lower.

Spot gold gained 0.2% to $4,310.21 per ounce, as of 01:48 p.m. ET (18:48 GMT). U.S. gold futures settled 0.1% lower at $4,332.3.

The U.S. dollar fell to a two-month low, making greenback-priced bullion more affordable for overseas buyers. Benchmark 10-year U.S. Treasury yields also edged lower.

“(The) data gives the Fed more reason to cut rates and if they cut rates, that’s bullish for gold … that’s the way the market’s interpreting it right now,” said RJO Futures senior market strategist Bob Haberkorn.

U.S. job growth rebounded in November, but the unemployment rate was at 4.6% in the backdrop of economic uncertainty stemming from President Donald Trump’s aggressive trade policy. A Reuters survey of economists had estimated an unemployment rate of 4.4%.

Last week, the Federal Open Market Committee had announced a quarter-point rate cut, and Chair Jerome Powell’s accompanying comments were perceived as less hawkish than expected.

U.S. rate futures still expect two cuts of 25 basis points each in 2026, pricing in 59 bps of easing next year. Non-yielding gold tends to thrive in a low-interest rate environment.

Investors await November’s Consumer Price index, due on Thursday, and Personal Consumption Expenditures index, due on Friday.

If gold finishes 2025 above $4,400, then it could see $4,859-$5,590 in 2026, said Alex Ebkarian, COO at Allegiance Gold, and added that silver could retest the $50/oz level next year.

Spot silver fell 0.3% to $63.75 an ounce, retreating from a record high of $64.65 on Friday. Platinum rose 4% to $1,854.95, its highest level since September 2011, and palladium gained 2.5% to $1,606.41, hitting a two-month high.

“Platinum group metals are breaking out as supply tightens and demand expands,” Ebkarian noted. (Reuters)

The post Gold inches up as US unemployment rate rises in November appeared first on Newswire.

The Central Bank of Sri Lanka reported that the country’s official reserve assets stood at USD 6,216 million at the end of October 2025, marking a slight decline of 0.4% compared to USD 6,244 million recorded at the end of September 2025.

The primary contributor to this decline was a 1.3% drop in foreign exchange reserves, which fell from USD 6,179 million to USD 6,100 million during the month.

However, a notable development was the 36.6% increase in gold reserves, which rose from USD 58 million to USD 80 million in October. Analysts attribute this surge to the sharp rise in global gold prices during the same period. (Newswire)

The post Sri Lanka’s Official Reserve Assets slightly decline in October appeared first on Newswire.

The price of gold in Sri Lanka has dropped below the Rs. 300,000 mark compared to recent weeks, it was reported.

According to local gold merchants, the price of a 22-carat gold sovereign is now listed at Rs. 298,000.

This reflects a decrease of Rs. 81,000 compared to Friday, October 17, when the price of a 22-carat gold sovereign stood at Rs. 379,200.

Meanwhile, the price of a 24-carat gold sovereign, which was Rs. 410,000 on Friday, has now fallen to Rs. 322,000. (Newswire)

The post Gold price drops below Rs. 300,000 in Sri Lanka appeared first on Newswire.

The price of a 24-carat gold sovereign in Sri Lanka has surpassed Rs. 400,000 for the first time. 

According to the All-Island Gold Jewellers’ Association, the price of a 24-carat gold sovereign has risen to Rs. 410,000, as of this morning.

Similarly, the price of a 22-carat gold sovereign has increased to Rs. 379,200.

The Association further stated that compared to yesterday, gold prices have risen by Rs. 15,000 today. (Newswire)

The post Gold in Sri Lanka : New record price appeared first on Newswire.

It’s been a happy few weeks for those who hold stocks of gold and bitcoin in their trading arsenals. The commodities have both reached record highs as investors continue to back them.

Gold smashed through the $3,900 (€3,334) a troy ounce barrier this week — a troy ounce being the unit of weight for precious metals and equivalent to 31.1 grams.

Meanwhile, on Sunday (October 5), the world’s oldest and best-known cryptocurrency, bitcoin, hit a record when it broke through the $125,000 barrier for the first time, before falling back a little.

It has so far been a bumper 2025 for both commodities. Gold has been on its biggest rally since the 1970s, with the price jumping by more than 50% since January 1. Bitcoin has had some falls during a turbulent 2025, but its value has risen by around a third since the start of the year.

Why is it happening?

Long seen as a so-called safe-haven asset which investors back during periods of uncertainty, gold has been on a steep upward curve since late 2018, with its value having increased by more than 300% since then.

Uncertainty has been a factor in the current rally, with US President Donald Trump’s reciprocal tariffs in April fuelling concerns over the global economy, the sustainability of US government debt levels and the future viability of the US dollar as the world’s reserve currency.

There has also been ongoing geopolitical uncertainty as a result of Russia’s war in Ukraine and the war in Gaza.

Another recent factor has been the US government shutdown. Gold is widely seen by investors as an alternative option to the US dollar, which has fallen sharply in value this year.

Gold has also benefited from a fall in support for the Japanese yen as a safe-haven asset. Japanese stocks surged on Monday after it was confirmed that Sanae Takaichi was elected as leader of the ruling party LDP, setting her up to be the nation’s first female prime minister. However, the yen continued to fall back.

“Yen weakness on the back of the Japanese LDP elections has left investors with one less safe-haven asset to go to, and gold was able to capitalise,” KCM Trade Chief Market Analyst Tim Waterer told news agency Reuters.

The US situation was adding to the attraction of gold. “The enduring US government shutdown means that a cloud of uncertainty still hangs over the US economy, and the potential size of any GDP impact,” he added.

However, experts say there is more to gold’s current surge than doubts over the future of the US economy or indeed, the global economy. Several analysts say there has been a rise in demand for gold-backed exchange traded funds (ETFs), with more and more investors from a wider range of backgrounds seeking to invest.

“The fact that ETF demand has re-entered the scene so forcefully means that there are two forms of ‘aggressor’ bids for gold, from central banks and ETF investors,” wrote Deutsche Bank analysts in a note to clients.

Gold has long been purchased by central banks around the world but the new ETF demand has fuelled the current rally. Recent data from the US Commodity Futures Trading Commission (CFTC) shows that hedge funds now hold record holdings of $73 billion worth of gold.

What about bitcoin?

Bitcoin’s record rally has been largely driven by the reelection of Donald Trump as US President, with his clear and often-stated support for cryptocurrencies helping to increase demand and trust in the sector.

However, there is evidence that more institutional investors are ploughing into bitcoin, similar to the trend seen with gold. The commodity is becoming favored as an alternative to other bets, such as the US dollar. Expected interest rate cuts are also apparently luring investors to take greater risks on the asset.

Bitcoin also appears to be strengthening on the back of uncertainty over the US economy, with the ongoing government shutdown driving up demand.

“The shutdown matters this time around,” Geoffrey Kendrick, head of digital assets research at Standard Chartered Bank, wrote in a note to investors.

“This year, bitcoin has traded with ‘US government risks,’ as best shown by its relationship to US Treasury term premium,” he added, referring to the metric which measures the extra yield investors demand in order to hold long-term government bonds — which reflects the extent of their faith in long-term economic stability.

Another factor in bitcoin’s current strength may be related to its annual cycle. October has historically been one of its strongest months, with the price having only fallen twice during the month of October since 2013.

Can the rally continue?

Many observers see gold and bitcoin continuing to rise in value, with new milestone breakthroughs expected.

“I suspect bitcoin will rise throughout the shutdown and will soon reach $135,000,” Geoffrey Kendrick predicted. The fact that the Trump administration is likely to continue pursuing favorable policies for cryptocurrencies adds to the sense of optimism.

As for gold, few see it losing value anytime soon.

“Rallies can continue into 2026 aided by official sector buying; institutional demand for gold as a diversifier can stay robust,” HSBC said in a note to investors on Friday.

The London, UK-based bank said it expected central banks to continue buying gold in large quantities as an ongoing hedge against geopolitical risk.

That chimes with what the World Gold Council said in its last quarterly statement in late July, that its annual central bank survey showed that “95% of reserve managers believe that global central bank gold reserves will increase over the next 12 months.”

That, along with the growing demand around ETFs from hedge funds and other institutional investors, suggests the commodity is likely to breach the $4,000 mark soon. (DW)

The post What’s powering gold and bitcoin surges? appeared first on Newswire.

International gold prices extended their upward trend during the Asian trading session on Monday, breaking through the $3,900-per-ounce barrier for the first time and reaching a new high. 

According to GoldPrice.Org, gold futures on the New York Mercantile Exchange hit a record high of over $3,960 per ounce on Monday, while spot gold also broke above $3,940, surpassing the $3,900 level for the first time.

Reuters reported that gold hit a record high on Tuesday as there were no signs of a reprieve from an impasse between the two houses of the U.S. Congress that has led to a government shutdown, while near-certain bets of a U.S. rate cut this month also lent support.

Spot gold rose 0.4% to $3,974.09 per ounce by 0446 GMT, trading near the all-time high of $3,977.19 hit earlier in the session. U.S. gold futures for December delivery gained 0.5% to $3,996.40.

Non-yielding gold thrives in a low interest rate environment and during economic uncertainties.

Gold has climbed 51% so far this year on strong central bank buying, increased demand for gold-backed exchange-traded funds, a weaker dollar and growing interest from retail investors seeking to hedge amid rising trade and geopolitical tensions.

Goldman Sachs on Monday raised its December 2026 gold price forecast to $4,900 per ounce from $4,300, citing strong Western exchange-traded fund inflows and central bank buying.

China’s central bank added gold to its reserves in September for the eleventh straight month, data from the People’s Bank of China showed.

Elsewhere, spot silver was steady at $48.52 per ounce, platinum rose 0.1% to $1,626.55, and palladium rose 0.9% to $1,330.91. (Global Times/ Reuters)

The post International gold prices hit a record high appeared first on Newswire.

A 48-year-old man was arrested at the Katunayake Airport on Monday for smuggling 28 gold biscuits weighing 3.266 kilos, by concealing them in vehicle spare parts imported from Dubai. 

According to the Police, the suspect was arrested following an inspection conducted by officials from the Criminal Investigations Department (CID) at the airport.

The Police said the suspect had pretended to be a businessman involved in importing vehicle spare parts and had concealed the gold inside the vehicle spare parts. 

The seized gold biscuits are estimated to be worth over Rs. 110 million. The CID is conducting further investigations. (Newswire)

A 48-year-old man was arrested at the Katunayake Airport for illegally smuggling 28 gold biscuits, weighing 3.266kg, by concealing them in vehicle spare parts imported from Dubai. pic.twitter.com/LYceaowDgb

— NewsWire (@NewsWireLK) August 12, 2025

The post Gold hidden in vehicle spare parts seized at BIA appeared first on Newswire.

An individual has been taken into custody by airport customs officials with 35 kilograms of gold valued at Rs. 01.1 billion, which was brought into the country illegally.

The gold had reportedly been concealed in nine specially designed devices resembling motor vehicle spare parts, as well as in the suspect’s travel bag.

The suspect is a 32-year-old businessman residing in the Grandpass area.

He had arrived at the Katunayake Airport at 8:40 am yesterday on Emirates flight EK-650 from Dubai.

It is reported that he was in possession of 195 gold biscuits and 13 kilograms of gold jewellery.

Airport customs officials are conducting further investigations into the matter. (Newswire)

The post Man caught at BIA smuggling Rs. 1.1 Bn worth of gold appeared first on Newswire.

Two Sri Lankans have been apprehended at the Katunayake Airport for attempting to smuggle in 6.7 kgs of gold valued at Rs. 210 million.

The suspects, a 26-year-old from Grandpass and a 46-year-old from Kandy, had been arrested by the Criminal Investigations Department officials upon arrival from Dubai yesterday.

They had concealed the gold among vehicle spare parts, but had been detected at the airport’s ‘Red Channel’ designated for businessmen. 

Upon inspection, Customs Officials had found the stock of gold. Further investigations are underway. (Newswire)

The post Two Lankans arrested with Rs. 210 Mn worth gold at BIA appeared first on Newswire.

Gold prices declined significantly, both globally and in Sri Lanka, following a temporary easing in trade tensions between the United States and China.

On May 12, global gold prices dropped more than 3%, marking the largest single-day decline of 2025. The fall was driven by a 90-day agreement between the US and China to reduce tariffs—U.S. duties were lowered from 145% to 30%, while China reduced its tariffs from 125% to 10%. The easing of trade tensions reduced demand for gold as a safe-haven asset, prompting investors to shift to equities and other riskier investments.

As of May 14, spot gold traded at about $3,226 per ounce, with $3,200 viewed by analysts as a critical support level.

Sri Lanka’s domestic gold market followed suit. In Colombo’s Pettah market, the price of a 22-carat gold sovereign dropped to Rs. 240,500 on May 14, down from Rs. 246,000 on May 10. The price of a 24-carat sovereign also fell, declining from Rs. 266,000 to Rs. 260,000 over the same period.

Analysts indicated that while the short-term outlook for gold remains weak due to improved trade conditions, potential shifts in central bank policies and lingering geopolitical risks could influence future price movements. (Newswire)

The post Gold prices down locally and globally appeared first on Newswire.