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Sri Lanka  sells gold reserves amidst price escalation

Sri Lanka has sold another tranche of its gold reserves in January 2022 amid an overall fall of its gross reserves, official data shows.

The central banks gold reserves were down to 92 million US dollars in January 2022 from 175 million US dollars in December.

Sri Lanka also sold gold in December 2021. By end December 2021 Sri Lanka was estimated to have had about 3.1 tonnes of gold. The latest sale is estimated to have brought gold holdings down to around 1.6 tonnes.

SJB MP and eminent economist Dr. Harshade Silva disclosed that the Central bank has sold  over 10 Tonnes of gold in February-March this year when prices were relatively low. The weekly bulletin of the Bank shows official gold reserves falling from US$ 940m to US$ 340m; reduction of US$ 600m

With gold prices touching Rs 1.85 lakh per 10 gram, Sri Lankans selling assets amid economic crisis

Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. The economy has been in a free-fall since the onset of the Covid-19 pandemic.

With gold prices touching Rs 1.85 lakh per 10 gram, Sri Lankans selling assets amid economic crisis

Amid the severe economic collapse in Sri Lanka, people are selling their gold jewellery and assets to pay their bills and purchase daily-use items. Jewellery shops owners in the Sri Lankan capital say the situation is unprecedented as they have never seen such a rush among people to “sell” gold.

The island nation is reeling under great economic distress and its currency is now the world’s poorest performing currency. The Sri Lankan rupee hit a new record low at 315 against USD officially recently .

Meanwhile, the price of gold is fluctuating daily, at present the price of 24-carat gold is one lakh ninety thousand (1,95,000) in Sri Lankan rupee.

While speaking to media, a gold trader in Colombo said, “People are selling their gold primarily because they have to pay their own prices for daily use, loans and other important expenses.”

“Today the price of 24-carat gold is Rs. 205,000 (Sri Lankan rupee- SLR), when it’s converted to 22-carat it comes to SLR 185,000. 

Last week it soared to SLR 210,000 then it came down to SLR 180,000 the day before yesterday, now it is SLR 15,000 more, around 195,000. the currency is so much that we expect it to be SLR 200,000 in coming weeks,” he added.

Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. The economy has been in a free-fall since the onset of the Covid-19 pandemic.

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