March 10, 2023, Colombo: The gold price has come down further this week due to the rupee’s appreciation against the dollar, the Jewellery traders in Sea Street Colombo said.
As per the traders, a 24-karat gold sovereign which was at Rs. 185,000 last week, has reduced by Rs. 40,000 whilst a 22-karat sovereign which was at Rs. 172,000 last week, has come down by Rs. 38,000. “Currently 24-karat sovereign is now at Rs. 145,000and 22-karat sovereign is at Rs. 134,000,” jewellers said.
After a hiatus of almost three years, they noted that reduced prices had boosted sales in Sea Street jewellery shops. “After many years, we are finally seeing some interest among customers to purchase jewellery again,” a vendor pointed out. Reiterating that they did not expect such a huge plunge in prices, they, however, said the low prices had got a good footfall this week to their businesses.
The price of gold is generally inversely related to the dollar value because the metal is dollar-denominated.
