Sri Lanka, Oct. 21 -- A significant decline in gold prices was recorded in the local market today (21), following a sharp increase over the past week.

The price of a pound of gold has dropped by around Rs. 5,000 compared to the previous weekend.

Currently, a pound of 24-carat gold is priced at Rs. 385,000, while a pound of 22-carat gold is Rs. 356,000.

This drop offers some relief to consumers who had paused gold purchases due to last week's record-high prices.

Last week, the local gold price reached historic highs, driven by rising global prices amid military tensions in the Middle East, particularly between Iran and Israel.

The surge was attributed to investors seeking a safe-haven asset during global uncertainty, pushing the price...