Gold prices hit Rs. 330,000

• 24-carat gold up Rs. 30,000 in a month, reaching Rs. 330,000 per sov.
• Surge driven by global market movements 
• World gold hits all-time high of $ 4,059 amid Fed rate cut expectations

Local gold prices surpassed a record level of Rs. 330,000 during the preceding week amidst the historic rally observed in world gold prices.

Speaking to The Sunday Morning Business, Imithiyas Haneef of Ran Lanka Gem & Jewellery revealed that gold prices had risen by approximately Rs. 30,000 over the past four weeks, with the price of 24-carat 8 g (1 sovereign) reaching Rs. 330,000 on Thursday (9). 

This marks a significant increase from early September, when it was trading around Rs. 300,000.

He further noted that, as of Thursday, the asking price for 22-carat 8 g (1 sovereign) stood at around Rs. 302,000.

Haneef added: “In early August 2024, 24-carat 8 g (1 sovereign) was Rs. 272,000. It increased to Rs. 300,000 by early September 2025. Now it has surged to Rs. 330,000.” 

He stated that this movement in local gold prices was not due to any local development but was entirely due to the movement of gold prices in the world market.

In the world market, gold prices passed a record high of $ 4,000 an ounce for the first time on Wednesday (8), as expectations of an interest rate cut by the US Federal Reserve and broader geopolitical and economic uncertainty pushed investors towards the bullion, which is traditionally considered a safe-haven asset during volatile periods. 

Wednesday saw gold reach a record high of $ 4,059.05 an ounce before consolidating at around $ 4,000.

Reuters reported that “markets are pricing in a 25-basis-point rate cut at the Fed’s upcoming meeting, with a similar reduction expected in December”.

According to Reuters, gold is up 54% year-to-date, after gaining 27% in 2024. “It is one of the best-performing assets of 2025, outpacing advances in global equity markets and bitcoin and losses for the US Dollar and crude oil,” it noted. 

Source: The morning