With the hike in prices, buyers are approaching wait and watch mode, which has hit the demand of gold in the Union Territory.
Srinagar: Amid the raging war between Russia and Ukraine, the consumers in Jammu and Kashmir are facing the heat as the prices of gold, edible oil have soared much to their dismay.
In Kashmir, gold is a much sought-after metal, with the upcoming marriage season in sight rising prices have worried a lot of people in the Union Territory.
“I had made plan to buy gold ornaments for the marriage of my daughter scheduled to be held in June, but the prices of gold have increased over Rs 3000 per 10 grams (22 carats) in just a few days after the war between Russia and Ukraine started,” said Muhammad Sadiq, a Srinagar resident.
The yellow metal is used as a hedge by people in J&K to protect themselves from financial instabilities and it is mostly gifted during marriage ceremonies.
With the hike in prices, buyers are approaching wait and watch mode, which has hit the demand of gold in the Union Territory.
“Demand for gold ornaments has plummeted, people are shying away from buying it because the rates are increasing at a rapid speed. A few days back, gold was sold at Rs 4300 per gram it has increased to Rs 4600 per gram in a jiffy, and in coming days if the war prolongs there are indications’ prices will further surge,” said President, All Kashmir Valley Gold Dealers cum Workers Union, Bashir Ahmad Rather.
