Mudassir Kuloo
Srinagar, Aug 22: The sharp rise in gold prices has put pressure on families preparing for marriages in Kashmir as gold jewellery remains an important part of wedding celebrations and is often considered a traditional necessity in the valley.
Gold prices have continued to climb in recent days, with 24-carat gold crossing the Rs 1.63 lakh mark per 10 grams. In Jammu and Kashmir, the indicative rate on Saturday stood at around Rs 1.63 lakh per 10 grams for 24-carat gold, while 22-carat gold was around Rs 1.49 lakh per 10 grams.
The latest surge has come at a particularly difficult time for families, as the marriage season is underway in Kashmir. For many households, buying gold jewellery for the bride is a significant part of wedding expenditure. Families often purchase necklaces, earrings, bangles, rings and other traditional ornaments, with the total spending running into several lakh rupees.
“Gold has become extremely expensive. Earlier, we could plan the jewellery according to our budget, but now even a few pieces cost several lakh rupees,” said Mohammad Amin, a Hawal resident preparing for his daughter’s wedding.
Shabir Ahmad of Shopian said it had initially planned to spend around Rs 15-20 lakh on gold jewellery but was now considering cutting down the purchase because of the continued rise in prices. His son’s wedding is scheduled in first week of September.
Jewellers, meanwhile, say customers are increasingly enquiring about lightweight designs and lower-cost alternatives.
They say the unprecedented prices have forced families to rethink their wedding budgets.
“Customers are reducing the quantity of gold being purchased, while others are opting for lighter designs or artificial jewellery to keep expenses under control. The impact is particularly visible among middle-class families, for whom wedding expenditure already includes catering, venues, clothing, decoration and other expenses,” said a gold seller at Hari Singh High Street Srinagar.
The latest rise is not confined to Kashmir. Gold prices across India have climbed sharply, with reports attributing the recent rally to factors including a weaker US dollar, movements in US Treasury yields and renewed demand for gold as a safe-haven asset. Gold has also risen for the third consecutive week, reaching a near three-month high internationally on Saturday.
Fancy designer antique golden bracelets for woman fashion studio shot.
