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Gold pushed past $4,900 per ounce for the first time on Thursday, powered by ongoing geopolitical tensions, a softer U.S. dollar and expectations of Federal Reserve interest rate cuts, while silver and platinum prices hit fresh record highs.

Spot gold climbed to a record peak of $4,917.65 per ounce, as of 01:51 p.m. ET (18:51 GMT).

U.S. gold futures for February delivery settled 1.6% higher to $4,913.4 per ounce.

The U.S. dollar slipped 0.4%, making greenback-priced bullion more attractive to overseas buyers.

“Geopolitical tensions, generally weak dollar, expectations for the Fed easing this year are all factors that are part and parcel of the macro de-dollarisation trend and are still impacting the demand (for gold),” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

U.S. President Donald Trump said he had secured total and permanent U.S. access to Greenland in a deal with ⁠NATO, whose head said allies would have to step up their commitment to Arctic security to ward off threats from Russia and China.

But the details of any agreement were unclear and Denmark insisted its sovereignty over the island was not up for discussion.

On the data front, the latest U.S. Personal Consumption Expenditures (PCE) report showed consumer spending increasing in November and October, indicating a third straight quarter of strong growth.

Markets anticipate the U.S. central bank will implement two quarter-percentage point ⁠rate cuts in the ⁠latter half of the year, raising non-yielding gold”s appeal.

“Short-term setbacks will be viewed as buying opportunities (for gold). We have been seeing the $5,000/oz level nearby and beyond that Fibonacci projection of $5,187.79/oz looks plausible,” Grant added.

Elsewhere, spot silver surged to a record high of $96.58/oz.

“Silver has a far more compelling fundamental narrative than gold.. Maybe it”s not a reserve asset in the way that gold is, but it still benefits from safe-haven flows, and dollar weakness,” said Nikos Tzabouras, senior market analyst at Tradu.

Spot platinum rose 4.6% to a record high of $2,601.03.Palladium was up 3.3% to $1,900.59.

Source:adaderana.lk

The Royal Navy of Oman Ship (RNOV) AL SEEB arrived at the Port of Colombo today on a scheduled logistics replenishment visit, marking another step in the strengthening of maritime ties between Oman and Sri Lanka. The vessel was formally welcomed by the Sri Lanka Navy in accordance with naval customs and traditions.

The 75-meter-long naval ship, under the command of Lieutenant Commander Hamad Bin Mohammed Aldarmaki, will remain in Colombo for several days. The visit aims to facilitate professional interactions, knowledge sharing, and goodwill exchanges between the two navies, highlighting the importance of regional cooperation in maritime security.

During their stay, the crew members of AL SEEB are expected to participate in various cultural and recreational activities, including visits to prominent tourist attractions in Colombo. Such exchanges are designed to foster mutual understanding and strengthen the bonds between naval personnel of the two nations.

Naval officials noted that these visits contribute to broader efforts in enhancing maritime collaboration in the Indian Ocean region, reflecting a shared commitment to promoting peace, stability, and safe navigation across key sea lanes.

The Wattala Magistrate’s Court has extended the remand custody of five individuals, including former minister Johnston Fernando and his two sons, following their arrest by the Financial Crimes Investigation Division (FCID). The suspects will remain in custody until January 30 as investigations continue.

Those remanded include Johnston Fernando, his son Johan Fernando, his youngest son Jerome Kenneth Fernando, and two other individuals. They were taken into custody over allegations linked to the improper use of a vehicle owned by Lanka Sathosa during Fernando’s tenure as a cabinet minister.

Authorities are probing claims that a Sathosa lorry was unlawfully used, resulting in a substantial loss to state resources. The investigation focuses on the suspected misuse of government property for non-official purposes.

In a related development, Indika Ratnamalala, who served as Sathosa’s Transport Manager at the time, was arrested earlier on January 4. He was produced before the same court and remanded until January 9.

According to investigators, Ratnamalala is accused of altering official documents at the request of Johan Fernando to enable the use of a Sathosa-owned lorry for work at a company allegedly linked to the former minister. Further inquiries into the matter are ongoing.

The Sri Lankan Rupee has weakened slightly against the US Dollar at commercial banks today (22 January), with the selling rate reaching Rs. 313 in some institutions, compared to Wednesday.

At Seylan Bank, the dollar’s buying rate rose to Rs. 306.95, while the selling rate increased to Rs. 311.70. NDB Bank reported a buying rate of Rs. 306.45 and a selling rate of Rs. 312.95. People’s Bank maintained its rates at Rs. 306.19 for buying and Rs. 312.94 for selling. Commercial Bank saw both buying and selling rates climb to Rs. 304.49 and Rs. 313, respectively. Sampath Bank’s rates remained steady at Rs. 306.50 for buying and Rs. 313 for selling.

These fluctuations reflect minor daily adjustments in the foreign exchange market, while the overall trend shows a slight depreciation of the Rupee against the US Dollar.

The Government Medical Officers’ Association (GMOA) has announced the commencement of a 48-hour island-wide token strike in government hospitals, beginning at 8.00 a.m. today (23).

The association stated that the decision was taken after the Ministry of Health failed to act on an agreed framework intended to address longstanding issues affecting the free healthcare system and the professional concerns of doctors.

Despite the industrial action, the GMOA assured the public that essential services will be maintained, with maternity and children’s hospitals, kidney treatment centres, and cancer hospitals excluded from the strike.

Sri Lanka’s Supreme Court is now considering five petitions challenging the recently introduced Bill aimed at abolishing pensions for Members of Parliament.

Speaker of the House, Dr. Jagath Wickramaratne, informed Parliament today (22) that he has received notice of an additional petition, bringing the total to five. These petitions have been filed under Article 121(1) of the Constitution.

The Bill, which seeks to end pension entitlements for former MPs, was presented to Parliament on January 7 by Minister of Justice and National Integration, Dr. Harshana Nanayakkara. Petitioners were given a 14-day window from the date of introduction to submit their challenges.

The Second Reading of the Bill is scheduled for late next month. If passed, the legislation will revoke pension benefits for 512 former Members of Parliament.

EU leaders heaved a sigh of relief over Donald Trump’s U-turn on Greenland as they met for an emergency summit in Brussels late on Thursday.

The leaders said they want an EU-U.S. trade deal to be back on track after the European Parliament suspended its ratification in protest over U.S. pressure to acquire Greenland.

While saying they want to work on strengthening the transatlantic cooperation, the EU leaders warned that they were ready to act if Trump was to threaten them again.

The Thursday evening summit was convened after the U.S. threatened steep tariffs, and possibly even military action in Greenland, before pulling back from those threats, saying a deal over the Arctic island was in sight.

“We were successful by being firm,” European Commission chief Ursula von der Leyen said, referring to Trump dropping its threats against Europe over Greenland.

But Trump’s threats badly shook Europe’s confidence in its partner, EU officials and leaders said.

“Transatlantic relations have definitely taken a big blow over the last week,” the bloc’s foreign policy chief, Kaja Kallas, said as she arrived at the meeting.

TRUMP’S U-TURN IS GOOD NEWS, BUT EUROPE VIGILANT

The emergency summit, convened to reassess the EU-U.S. relationship, did not take any concrete decision.

“Things are quietening down and we should welcome that,” French President Emmanuel Macron said.

“We remain extremely vigilant and ready to use the instruments at our disposal should we find ourselves the target of threats again,” Macron told reporters, referring to “bazooka” trade sanctions the bloc had considered using.

The EU “will defend itself, its member states, its citizens and its companies, against any form of coercion,” European Council chief Antonio Costa said.

Most leaders said the relationship with the United States remained key for the EU and it was one they were ready to work hard to maintain - while expecting hard work, and respect, from Washington as well.

“Europe is not willing to junk 80 years of good transatlantic relations because of disagreements ... we are willing ⁠to invest our time and energy in this,” Kallas said.

NO MORE THREATS

EU governments remain wary of another change of mind by a mercurial president increasingly seen as a bully whom Europe will have to stand up to.

“Trump crossed the Rubicon. He might do it again. There is no going back to what it was,” one EU diplomat said, adding that the bloc needed to move away from its heavy reliance on the U.S. in many areas.

“We need to try to keep him (Trump) close while working on becoming more independent from the U.S. It is a process, probably a long one.”

Danish Prime Minister Mette Frederiksen said she was more than ready to discuss security cooperation in Greenland with the United States - as long as it fully respects their sovereignty.

“We have to work together respectfully without threatening each other,” she said.

THE US HAS SUBSTANTIAL LEVERAGE

After decades of relying on Washington for defence within the NATO alliance, the bloc lacks the needed intelligence, transport, ⁠missile defence and production capabilities to defend itself ⁠against a possible Russian attack.

This gives the U.S. substantial leverage.

The U.S. is also Europe’s biggest trading partner, making the EU vulnerable to Trump’s policies of imposing tariffs to reduce Washington’s trade deficit in goods, and, as in the case of Greenland, to achieve other goals.

One of the key questions will be how close Europeans want to remain to the United States, and how much trust remains. All said Europeans need to be united and have a common stance, but historical ties vary from one country to another.

“I still treat United States as our closest friend,” Lithuanian President Gitanas Nauseda said.

Others were more cautious.

“It is important for ... our partners in Washington to understand the difference between domination and leadership. Leadership is OK,” Poland’s Prime Minister Donald Tusk said. “Coercion is not a good method.”

EU-US TRADE DEAL

The EU had been ready to deploy a package of retaliatory tariffs on 93 billion euros ($108.74 billion) of U.S. imports and anti-coercive measures if Trump had gone ahead with his own tariffs that were to kick in on February 1, officials said.

European lawmakers are likely to resume their work on the ratification of the trade deal now that Trump has taken back his threats, European Parliament President Roberta Metsola said.

Source: adaderana.lk

A group of SLPP and SJB parliamentarians, led by SLPP MP Namal Rajapaksa, are scheduled to travel to Odisha, India, on a private visit to participate in the celebrations of India’s Republic Day on January 26, following an invitation from a private university in India. 

The delegation includes SJB MPs Chithral Fernando, Chamindrani Kiriella, Chathura Galappaththi, and Prasad Siriwardena, along with former SLPP MPs Indika Anuruddha, Sanjeewa Edirimanna, Sampath Athukorala, and Political Bureau member Milinda Rajapaksa.

In addition, the group is expected to undertake an observation tour of the Odisha Disaster Management Centre, recognized as one of the world’s leading disaster management institutions, and visit Buddhist archaeological sites dating back to the era of King Ashoka.

A cordial discussion regarding this visit was held recently at the official residence of the Indian High Commissioner, between the Sri Lankan delegation and the Indian High Commissioner to Sri Lanka, Santosh Jha.

 (Source: Newswire)

Weather conditions across the island are expected to change from this evening (23), with intermittent showers forecast for the Northern, North-Central and Eastern provinces, as well as the Matale and Nuwara Eliya districts, the Department of Meteorology said.

Light showers are also likely in parts of the Uva and North-Western provinces, while isolated showers or thundershowers may develop in other areas during the evening or night. Early morning ground frost remains possible in certain locations within the Nuwara Eliya district.

Misty conditions are expected during the early hours in parts of the Western, Sabaragamuwa, Central, North-Western and Uva provinces, along with the Galle and Matara districts.

At sea, showers or thundershowers are predicted in several offshore areas from Mannar to Trincomalee via Kankasanthurai. Winds will blow from the north-east to north at speeds of 30–40 kmph, occasionally strengthening up to 45 kmph in sea areas from Mannar to Galle via Colombo.

The Meteorology Department cautioned that sea conditions along the western coastal stretch from Mannar to Galle via Colombo may be fairly rough at times, while other surrounding sea areas are expected to remain moderate.

A 47-year-old individual was taken into custody in Wellampitiya yesterday after authorities discovered a large stock of illegally imported Manchester-type cigarettes at a residential premises.

The arrest followed a coordinated operation carried out by the Sri Lanka Army together with the Rajagiriya Police Special Task Force. Officials confirmed that a total of 165,200 cigarettes, estimated to be worth approximately Rs. 16.52 million, were seized during the raid.

The Sri Lanka Army stated that the Wellampitiya Police Station has launched further investigations into the incident.

Serious concerns were raised in Parliament yesterday (21) over the growing disconnect between Sri Lanka’s record tourist arrivals and the weak flow of foreign exchange into the country’s official financial system through the tourism industry.

These concerns were raised in the House by opposition member of parliament (MP) Ravi Karunanayake when he noted that Sri Lanka recorded more than 2.36 million tourist arrivals in 2025, yet total tourism earnings had increased only marginally to about $ 3.22 billion. He stated that average spending per tourist had declined by nearly 12 percent year-on-year, although arrivals surged, raising questions about the quality and sustainability of tourism growth.

According to him, tourism-related foreign exchange inflows reflected in the reserves of the Central Bank of Sri Lanka (CBSL) had not increased in line with the rise in arrivals, suggesting possible revenue leakages, offshore settlements and weak regulatory enforcement in the sector.

The MP further noted that the fact that around 40,000 hotel and accommodation entities operating in Sri Lanka remain unregistered, allowing a large segment of tourism activity to take place outside formal regulatory and banking systems.

Karunanayake sought clarification from the government on the structural reasons behind the decline in per-capita tourist earnings, including changes in source markets, length of stay and pricing practices. 

He further asked how much tourism-related foreign exchange was converted through licensed commercial banks and reflected in CBSL reserves in 2025, and how that figure compares with the total earnings reported by the Sri Lanka Tourism Development Authority.

Karunanayake also questioned the government if it had assessed foreign exchange leakages arising from offshore settlement of payments by international online booking platforms and overseas credit card usage, where invoicing and settlement often take place outside Sri Lanka, thereby bypassing domestic taxation and the local banking system, and asked what proportion of tourism activity is estimated to be carried out by unregistered accommodation providers and informal operators, and whether the government accepts that a significant share of tourism-generated foreign exchange is not strengthening official reserves.

Karunanayake warned that Sri Lanka risks losing a substantial portion of the economic benefits of its tourism boom, despite the impressive growth in visitor numbers unless these structural and regulatory gaps are addressed

(Source:pulseline.lk)

The foundation stone was laid on Wednesday (21 Jan) at the Paranthan Chemical Industrial Zone to reconstruct the Paranthan Chemical Factory, which had remained closed since 1985 due to the conflict in the Northern Province.

The ceremony was held under the patronage of the Minister of Industry and Entrepreneurship Development, Sunil Handunneththi.

The factory is being reconstructed with an investment of Rs. 6,900 million and is scheduled to be completed within 30 months. Upon completion, it is expected to produce Poly Aluminum Chloride (PAC) and Hydrochloric Acid (HCL) to meet domestic market demand.

The foundation stone–laying ceremony was held with the participation of the Minister of Fisheries, Ramalingam Chandrasekaram; Secretary to the Ministry of Finance, Harshana Suriyapperuma; Chairman of C/S Paranthan Chemicals Company, Sadanamdam Nesarajan; along with several government officials and distinguished guests.

According to the Ministry of Industries, the Paranthan Chemical Factory is one of the country’s earliest industrial establishments, originally launched in 1954 in Paranthan, Kilinochchi District, in the Northern Province, as a government-owned chemical factory. 

In 1957, under the State Industrial Corporations Act No. 49 of 1957, it was brought under the name Paranthan Chemicals Corporation. Prior to its closure in 1985, the factory utilized locally available raw materials to produce caustic soda and liquid chlorine as its main products, while hydrochloric acid, zinc chloride, and table salt were produced as by-products.

Subsequently, under the Conversion of Public Corporations or Government-Owned Business Undertakings into Public Companies Act No. 23 of 1987, Paranthan Chemicals was incorporated as a public limited liability company on 17 January 1991.

 (Source:Newswire)