Gold Mine

Sri Lanka’s Central Bank Tuesday raised the price of its commemorative gold coins by 43.75 percent as it ended a four-month suspension on the sale of precious metal coins. Sri Lanka’s Central Bank Tuesday raised the price of its commemorative gold coins by 43.75 percent as it ended a four-month suspension on the sale of precious metal coins. A bank spokesman said the Rs. 5,000 gold coin which was being sold at Rs. 8,000 at the time of the suspension in June was marked at Rs. 11,500 (US$ 115) for the resumption of sales this week.

The coins, with more precious metal content than the actual face value, had become a veritable gold mine for speculators before the central bank got wise to them and stopped jewellers accessing a cheap source of pure gold.

“The Central Bank has made arrangements to sell a limited stock of gold and silver commemorative coins at prices determined on the basis of prevailing daily prices of gold and silver,” the bank said in a statement last week.

The latest price was based onthe open market gold rates at Colombo’s “Sea Street,” the unofficial bullion exchange in the country.

Before the June suspension, buyers could have made a