Gold prices in Sri Lanka have recorded a sharp decline over the past three days, mirroring the downturn in the global market, according to market reports.
Prices fell by a total of Rs. 29,000 between March 19 and 21, with a drop of Rs. 13,000 on Thursday, followed by a further Rs. 6,000 decline on Friday, and another Rs. 10,000 decrease today.
Analysts attribute the drop mainly to global gold prices falling below the USD 5,000 mark, along with the strengthening of the US dollar.
They noted that ongoing tensions in the Middle East, rising oil prices, and reduced investor activity have also contributed to the decline.
However, analysts emphasized that the trend is likely temporary, adding that gold prices are expected to recover once oil markets stabilize.
