What this site shows
Gold Rate Index publishes the daily gold rate for Sri Lanka in the units people use: pawn (sovereign), gram, tola and troy ounce, for 24, 22, 21 and 18 carat gold. Every number on the site comes from a public source that is named and linked next to it.
How the price is worked out
- The Central Bank of Sri Lanka publishes the price of one troy ounce of gold in rupees each business day. It takes the world price in US dollars at the start of the day from Reuters or Bloomberg and converts it at its indicative US dollar exchange rate.
- One gram of pure (24 carat) gold is that price divided by 31.1035.
- Other carats are priced by purity: 22 carat is 22/24 of the 24 carat price, 21 carat is 21/24 and 18 carat is 18/24.
- One pawn is 8 grams and one tola is 11.6638 grams.
- Other currencies use the Central Bank exchange rate of the same day.
Today: Rs 1,353,536 per troy ounce ÷ 31.1035 = Rs 43,517 per gram of 24 carat gold, so 22 carat is Rs 39,891 per gram and Rs 319,126 per pawn.
Sea Street market prices
Jewellery shops set their own prices. When news sites report prices quoted by traders on Sea Street in Colombo, the figures are collected with a link to the article. These reports are not daily, so the site always shows the date of the last one.
Bank pawning rates
Advance amounts and interest rates are read every day from the pawning pages of banks that publish them: Cargills Bank, DFCC Bank, National Savings Bank, Regional Development Bank, SDB bank, Seylan Bank. Each number links to the bank's page. Banks that do not publish an advance per pawn are not listed.
Philippines
For the Philippines the world price of one troy ounce of gold in US dollars is taken from the Central Bank of Sri Lanka, which publishes it every business day (its gold price in rupees divided by its US dollar rate of the same day). It is converted to pesos at the European Central Bank exchange rate: pesos per euro divided by US dollars per euro, from the latest European Central Bank day on or before the gold date. One gram of 24K gold is that price divided by 31.1035, and other karats are priced by purity. Gulf currencies are converted through the Central Bank of Sri Lanka cross rates to the US dollar. The Bangko Sentral ng Pilipinas does not allow automated collection from its website, so its rates are linked for comparison only.
Checks
New rates are compared with the previous day and with each other before they are published. A news price that differs too much from the Central Bank rate of that day, or a bank amount outside a normal share of the gold value, is held back.
Limits
Prices are for information only. They are not an offer to buy or sell, and they are not financial advice. Jewellers and banks set their own final prices.