Srinagar: Gold dealers in Jammu and Kashmir are struggling to get buyers as the rates have been surging since the exchange of drone attacks between Iran and “Israel”.
According to gold dealers, the price of 22-karat gold has risen to Rs 6,660 per gram, while for 24-karat (999 gold) pure gold, it's at Rs 7,216 per gram.
The latest spike came after an exchange of drone attacks between Iran and ‘Israel.’
In response to the soaring prices, gold traders have observed a significant change in consumer behaviour. Rather than rushing to buy gold jewelry during the current wedding season, gold dealers are receiving few customers these days.
Mohammad Yusuf Zargar, a gold dealer said that they have been struggling to get customers for more than a month now after tensions escalated between Iran and Israel.
Gold dealers have noted that many investors are choosing to liquidate their gold holdings and invest in the real estate market.
“People are selling their gold to invest in property, believing it offers better returns and stability in uncertain times. Almost 9- per cent of the sellers said they are selling gold to invest in real estate," said Abdul Rouf, another gold dealer.
(KNO)