The price of a gold sovereign in Sri Lanka has risen sharply, tracking the upward momentum in global gold markets.

Traders at the Colombo Pettah gold market said the price of a gold sovereign has increased by around Rs. 12,000 in recent days.

Accordingly, a 24-carat gold sovereign is now priced at Rs. 362,200, while a 22-carat gold sovereign stands at Rs. 397,000.

In the international market, gold prices have meanwhile crossed the USD 5,000 mark per ounce. Economic analysts forecast that prices could climb beyond USD 5,500 per ounce by the end of the year, citing prevailing global economic uncertainties as a key drive