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.

Meanwhile, reports indicate that many people have begun withdrawing money from banks to invest in gold amid the sharp price surge. Several jewellery shops have reported that gold coins are now out of stock due to the high demand.