Gold prices have soared to historic highs both globally and in Sri Lanka, with an ounce of gold in the international market hitting $3,500 as of 22 April.

According to Indika Bandara, Assistant Director at the National Gem & Jewellery Authority, the surge follows tariff-related announcements by former U.S. President Donald Trump, amid a weakening U.S. dollar and rising investor demand for safe-haven assets due to U.S.-China trade tensions.

In Sri Lanka, gold prices mirrored the global trend, with 22-carat gold reaching a record Rs. 255,000 per pound and 24-carat gold rising to Rs. 277,000.

Accordingly, this marks a significant jump from 21 April, when 22-carat and 24-carat gold stood at Rs. 246,600 and Rs. 268,000 respectively.