The price of gold hit a record high above 1,100 dollars an ounce in trading here on Friday following the news that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency.
"The Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves," industry body the World Gold Council (WGC) said in a statement issued before gold struck a record high of 1,101.42 dollars.
Gold had struck a series of highs already this week after India's massive sale.
"This latest announcement demonstrates that many central banks are reassessing their reserve asset management policies."
This trend is expected to continue for a while.
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