Gold prices in Sri Lanka have seen a sharp decline, dropping by nearly Rs. 60,000 since last Friday (17), with a fall of around Rs. 20,000 recorded today (22) alone.

At the Colombo Pettah gold market, the price of a 22-carat sovereign has dropped from Rs. 379,200 on Friday to Rs. 322,000 today. 

A 24-carat sovereign has fallen from Rs. 410,000 to Rs. 350,000 during the same period, traders said.

This marks one of the steepest short-term declines in gold prices seen this year.