Gold tops Rs. 300,000 as global prices hit record $ 4,000 an ounce

Thursday, 9 October 2025 05:49 - - {{hitsCtrl.values.hits}}

The price of a 22-carat gold sovereign in the Pettah Market crossed Rs. 300,000 for the first time yesterday according to market reports, reflecting both local currency pressures and record highs in global bullion markets.

Traders in Colombo’s Pettah gold market said a 22-carat sovereign was selling at over Rs. 303,000, up from Rs. 290,500 the previous day. The 24-carat sovereign also rose to Rs. 328,000, compared with Rs. 314,000 a day earlier.

Internationally, spot gold prices surpassed $ 4,000 an ounce for the first time, as investors sought safety amid global economic and geopolitical uncertainty and growing expectations of further US Federal Reserve rate cuts, according to Reuters and Bloomberg reports.

Spot gold rose 0.7% to $ 4,011.18 per ounce, while US gold futures for December delivery increased 0.7% to $ 4,033.40.

Gold has gained over 50% so far this year, after climbing 27% in 2024, underscoring its appeal as a hedge during periods of instability.