Gold prices soar, affect sales in Valley

While the wedding season is at a peak in the valley, the people still hesitate to buy the gold as the skyrocketing prices have completely changed the behavior of consumers here, which has simultaneously affected the market and also pushed the jewellers to the wall. The abrupt rise in the gold prices have affected the sales by 90 per cent across the Valley, especially at a time when the people were being seen buying the gold for their beloved amidst the wedding seasons here. Unlike the previous years, the eerie calm prevails at the jewellery shops here as hardly any customers visit them in wake of the abrupt rise in the gold prices. There were times when the customers could afford a 50-gram set, but now, with the current prices, they can only manage a 20-gram set. The soaring prices have drastically altered consumer behaviour, and also the disparity between the Edward pound and the 916-pound gold is also a cause for concern. The Edward pound holds similar monetary value only within Kashmir as the outside dealers manipulate prices at their discretion. The stakeholders associated with the gold trade are grappling with market dynamics influenced by both internal and external factors. In such a situation, the people at the helm should look into the matter at earliest so that the families whose beloved are scheduled to get married would not face any difficulties and also the jewellers could heave a sigh of relief as well.