Gold prices soar to record Rs 1.20 lakh per 10 grams, hit weddings in Kashmir

Ishtiyaq Kar

Srinagar, Oct 1 (KINS): The skyrocketing gold prices have cast a shadow over the wedding season in Kashmir, with rates touching a historic high of Rs 1.20 lakh per 10 grams.

Jewellers in Srinagar confirmed that this is the steepest rise in recent years, with gold climbing nearly Rs 10,000 in just few weeks. The surge has left families—especially those preparing for weddings—grappling with soaring expenses.

“Gold has touched an all-time high in Kashmir markets. We are selling 22-carat at around Rs 1.20 lakh per 10 grams, and customers are struggling to adjust,” Ashfaq Ahmad, a jeweller told news agency Kashmir Indepth News Service (KINS).

For families planning marriages, the rise has come as a big jolt.

“My daughter’s wedding is 2nd week of  October, and we had planned to buy more gold. But with these prices, we are forced to cut down on jewellery purchases,” said Rumaya Jan, a resident of Anantnag.

Many brides-to-be are rethinking their plans. “Gold has always been a part of Kashmiri weddings, both as a tradition and a form of security. But at this rate, it’s becoming unaffordable,” said Fatima, whose wedding is scheduled next week.

Jewellers said demand has already slowed down. “People are either postponing purchases or opting for lighter jewellery. We are also seeing a shift towards silver and imitation ornaments,” said Fayaz Ahmad, a Srinagar-based jeweller.

Experts attribute the surge to global economic uncertainties and rising dollar rates.

“International factors are driving gold prices up, and this ripple effect is hitting consumers in Kashmir hard,” said an economist. (KINS)