Srinagar: Surging gold prices have hit the marriages in Kashmir.
Gold dealers claim that families bypass gold ornaments and prefer to give cash to the bride and groom.
Marriage season in the valley begins in August and lasts till November. Gold shops in Srinagar used to be abuzz with customers buying jewelry and coins for the to-be-wedded.
Gold prices jumped by 1.7% or Rs 1,200 per 10 grams on Friday taking cues from prices in the international market.
Dealers claimed the demand for the yellow metal has plummeted by a staggering 75%, this season.
“If we compare with previous years, the demand has reduced by almost 75 percent. Gold price has hiked all over India following which people face immense hardships buying it, ” said Bashir Ahmad Rather, President of the All Kashmir Valley Gold Dealers and Workers Union.
Gold, traditionally, is an essential part of Kashmiri weddings. The sharp rise in prices has forced people to reconsider their wedding expenses.
“A few months ago there was some demand but it has vanished now. A gram of 24-carat gold costs Rs 7400 while 22 carat gold gram has reached to Rs 7300. People don’t have enough capital to buy gold, which has restricted investment in this yellow metal,” he said.
Rather the situation has escalated to such an extent that a growing number are now opting to deposit cash instead of gold.
“Marriages do happen despite sluggish demand for gold. People seem to be gifting cash to the bride and groom,” he said.
Prospective buyers have expressed concern over the sharp rise in gold prices. They noted that the cost of gold has nearly doubled in the past two years, creating a significant financial strain on families, particularly those planning marriage ceremonies.
“Over the years, the gold prices have skyrocketed. For families who belong to the middle-class and upper-middle-class strata, investing in gold has become difficult. Those who hold marriage functions buy now gold in little quantity and mostly gift and exchange money,” said Sameer Ahmad Bhat, a prospective buyer.
