Sudden price drop in global gold and silver markets

2026-01-31 - 07:49

Global gold and silver prices have seen a sharp decline, according to foreign reports. As of today (31), the price of gold per ounce has fallen to USD 4,893.2, marking a decrease of USD 434.45 compared to yesterday (30). In percentage terms, this represents a drop of 8.15%. Silver prices have also fallen significantly. As of today, the price of silver per ounce stands at USD 85.34, reflecting a decrease of USD 29.16 compared to the previous day. In percentage terms, this is a decline of 25.46%. Accordingly, international business news reports confirm that approximately USD 15 trillion has been wiped off the gold and silver markets over the past 48 hours. However, gold prices are still trading at levels nearly double those seen in 2025. Meanwhile, with the decline in global gold prices, local gold prices have dropped by around Rs. 20,000, according to gold market data. Accordingly, as of this morning (31), the price of a 22-carat gold sovereign in the Colombo Pettah gold market has fallen to Rs. 349,000. On the previous day (29), the price stood at Rs. 368,000. In addition, sources in the Colombo Pettah gold market say that the price of a 24-carat gold sovereign, which stood at Rs. 400,000 yesterday, has fallen to Rs. 380,000 today. It is also reported that the global price of gold per ounce has dropped to USD 4,893.2 as of today. Furthermore, gold market sources note that overall local gold prices have declined by approximately Rs. 40,000 over the course of yesterday and today.