Local gold prices fell by Rs. 20,000 with the decline in global gold prices, local traders have reported on Saturday.

Accordingly, the price of a 22-carat gold sovereign at the Sea Street gold market in Colombo on Saturday morning (31) decreased to Rs. 349,000, from Rs. 368,000, recorded on the previous day.

The price of a 24-carat gold sovereign, which was Rs. 400,000 on Friday, had dropped to Rs. 380,000 on Saturday.

As of Saturday (31), the price of an ounce of gold decreased to $4,893.2, a drop of $434.45 compared to prices recorded on Friday (30), noting an 8.15% price decrease. Silver prices also fell dramatically, with the price of an ounce of silver trading at $85.34 on Saturday, a decrease of $29.16 from the previous day.

International reports on Saturday confirmed that approximately $15 trillion has been liquidated from the gold and silver markets in the 48 hours from the decline. However, gold prices remain about twice as high as in 2025.