The price of a 24-carat gold sovereign in Sri Lanka has surpassed Rs. 400,000 for the first time, reaching Rs. 410,000, the All-Island Gold Jewellers’ Association said yesterday (17).The price of a 22-carat sovereign has also climbed to Rs. 379,200, reflecting a Rs. 15,000 increase compared to the previous day.
Traders attribute the surge in local gold prices to a sharp rise in global markets. On 16 October, 2025, gold futures crossed $4,250 per ounce, boosting market capitalisation by an estimated $300 billion overnight.
Investors worldwide are turning to gold as a safe-haven amid economic uncertainty, a weakening US dollar, inflation concerns, and expectations of Federal Reserve rate cuts.
“The historic rally demonstrates gold’s enduring appeal during times of market volatility,” the Association noted, as the precious metal shines brighter than ever in both global and local markets.