22K gold edges higher mid-week before slight dip; 24K gold holds firm
Colombo, May 24 — Gold prices in Sri Lanka experienced slight volatility over the week from May 19 to May 23, with 22-karat gold witnessing gradual mid-week gains before easing slightly, while 24-karat gold remained unchanged at its peak price point.
According to market data:
| Date | 22K Gold (1g) | 24K Gold (1g) |
|---|---|---|
| May 19, 2025 | Rs. 31,095.40 | Rs. 34,860.00 |
| May 20, 2025 | Rs. 31,761.50 | Rs. 34,860.00 |
| May 21, 2025 | Rs. 31,874.30 | Rs. 34,860.00 |
| May 22, 2025 | Rs. 32,116.50 | Rs. 34,860.00 |
| May 23, 2025 | Rs. 31,960.00 | Rs. 34,860.00 |
22K Gold: A Mid-Week Peak
The price of 22K gold rose steadily from Rs. 31,095.40 per gram on May 19 to reach a high of Rs. 32,116.50 on May 22, reflecting increased demand or speculative buying. However, it closed the week slightly lower at Rs. 31,960.00 per gram, indicating a minor correction.
24K Gold: Holding Steady
In contrast, 24K gold maintained a consistent rate of Rs. 34,860.00 per gram throughout the week. This stability suggests a balance between global gold prices and local currency movements, with minimal intervention from either domestic or international market forces.
Market Sentiment
Gold traders suggest that the mid-week movement in 22K prices was likely influenced by minor shifts in global bullion prices, investor sentiment, and exchange rate adjustments. However, the lack of significant external shocks kept the premium 24K rate firmly anchored.
As economic conditions remain relatively stable, gold continues to serve as a safe-haven asset, particularly in anticipation of potential global market volatility in the coming months.