As demonetisation process fuelled rush to banks amid the shutdown in Kashmir Valley on Thursday, goldsmiths have decided to stop buying and selling gold in the wake of uncertain markets.
All Kashmir Gold Dealers and Workers Association president Bashir Ahmad Rather said the Valley’s goldsmiths’ decision comes in the wake of a volatile market.
“The prices have shot up to a great extent. Any business in haste may not prove wise,” said Mr. Rather. Several goldsmiths said any surplus money may too become a liability.
Meanwhile, State Chief Secretary B.R. Sharma, who convened a high-level meeting on Thursday, assured people that there was no dearth of currency of Rs. 100 denomination in banks across the State.