Market sources say that there has been a decrease in gold prices in Sri Lanka. According to the gold dealers in Sea Street, the price of a pound of 22K gold, which had risen to nearly two lakh rupees, has decreased to 166,000 rupees. Also, the price of a pound of 24K gold has also decreased to 180,500 rupees,
It was also reported that gold prices have dropped about 0.9%, on worries of aggressive rate hikes by global central banks to counter runaway inflation in India. According to global commodity market experts, progress in Russia-Ukraine peace talks and US Fed’s hawkish stance on interest rate hike may work as booster dose for bears in near term but global inflation worries are expected to exist in medium to long term. They said that immediate support for gold is pegged at $1,880 to $1,900 per ounce and has immediate resistance at $1,934 levels.