Gold Price Today in Sri Lanka in Sri Lanka Rupee (LKR)

Friday, 11 October 2024, 3:54 PM

Gold ounce price in Sri Lanka is 776,909.81 Sri Lanka Rupee per ounce, Gold gram price is 24,981.02 Sri Lanka Rupee per gram karat 24, 22,899.27 Sri Lanka Rupee per gram karat 22, 21,858.40 Sri Lanka Rupee per gram karat 21, 18,735.77 Sri Lanka Rupee per gram karat 18.

How Gold Price is Determined in Sri Lanka

The price of gold in Sri Lanka is influenced by a variety of factors that reflect both local and global market dynamics. Primarily, the international market price of gold, which is quoted in US dollars per ounce, plays a significant role. As global demand fluctuates due to economic conditions, investment trends, and market speculation, the local price in Sri Lanka adjusts accordingly to mirror these changes.

Another important factor is the exchange rate between the Sri Lankan Rupee and the US Dollar. When the rupee weakens against the dollar, it can lead to an increase in gold prices in the local market, even if the international price remains stable. Additionally, local taxes, import duties, and business margins also contribute to the final retail price of gold in Sri Lanka.

Seasonal trends and cultural factors can further influence demand, particularly during festive periods or weddings when gold purchases typically rise. Thus, understanding the multifaceted nature of gold pricing in Sri Lanka requires consideration of both global influences and local economic conditions.

Price of Gold Bullion in Sri Lanka in Sri Lanka Rupee

• The price of gold bullion 5 grams 24K in Sri Lanka: 124,905.11 Sri Lanka Rupee
• The price of gold bullion 10 grams 24K in Sri Lanka: 249,810.23 Sri Lanka Rupee
• The price of gold bullion 20 grams 24K in Sri Lanka: 499,620.46 Sri Lanka Rupee
• The price of gold bullion 50 grams 24K in Sri Lanka: 1,249,051.15 Sri Lanka Rupee
• The price of gold bullion 100 grams 24K in Sri Lanka: 2,498,102.30 Sri Lanka Rupee
• The price of gold bullion 250 grams 24K in Sri Lanka: 6,245,255.74 Sri Lanka Rupee
• The price of gold bullion 500 grams 24K in Sri Lanka: 12,490,511.48 Sri Lanka Rupee
• The price of gold bullion 1000 grams 24K in Sri Lanka: 24,981,022.97 Sri Lanka Rupee

Predictions for Gold Prices in Sri Lanka

The gold market in Sri Lanka has experienced significant fluctuations recently, driven by various factors including global economic conditions, local demand, and currency fluctuations. Strong demand for gold as a safe-haven asset is expected to continue, especially amidst rising inflation and geopolitical uncertainties. Consequently, experts predict that gold prices may rise in the coming months as investors seek to hedge against potential economic downturns.

Furthermore, the depreciation of the Sri Lankan Rupee against major currencies may contribute to higher local gold prices. Inflationary pressures are also likely to lead consumers to invest in gold as a reliable store of value. Analysts suggest that if global gold prices trend upward, Sri Lanka will follow suit, with prices possibly reaching record highs in response to both local and international market dynamics.

Moreover, seasonal factors such as festivals and wedding seasons traditionally increase gold demand in Sri Lanka, which can further elevate prices. Overall, the outlook for gold prices in Sri Lanka remains bullish, with market observers closely monitoring economic indicators and global trends to refine their predictions.

Gold price in Sri Lanka in October 2024 in Sri Lanka Rupee