The price of a pound of 22-carat gold in Sri Lanka has risen to Rs. 235,500 today, according to traders, after the prices surged past the significant USD 3,200 per ounce mark for the first time in the world market.
As of this morning (Apr 11), the price of a pound of 24-carat gold has also risen to Rs. 256,000, marking a significant jump in the past few days, traders at Sea Street said.Â
Gold prices breached the key USD 3,200 level for the first time today, fuelled by a weaker dollar and an escalating trade war that sent investors rushing toward safe-haven assets.
Spot gold was up 1.4% at USD 3,217.78 an ounce as of 0350 GMT. Bullion scaled an all-time peak of USD 3,219.84 earlier in the session, and has gained almost 6% this week.
U.S. gold futures climbed 1.9% to USD 3,237.50.
Meanwhile, the dollar was down nearly 1% against its major peers, making greenback-priced bullion cheaper for overseas buyers.
Major stock indexes also fell after U.S. President Donald Trump ratcheted up tariffs on Chinese imports to 145%, but hit a 90-day pause on previously announced tariffs for dozens of countries.
China has been matching Trump’s tariff hikes, sparking fears that Beijing could push duties on the U.S. beyond the current 84%.
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