Kashmir goldsmiths stop selling, buying gold

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.

A salesman fixes the gold pieces in the window of a shop at the Gold Souq in Dubai, United Arab Emirates, Tuesday, April 20, 2008. In ancient and modern gold souqs across the Arab world, businessmen and customers are feeling the pinch of record high gold prices and unlike in the West where gold jewellery is largely viewed as a luxury, gold is an intrinsic part of the Arab culture. (AP Photo/Kamran Jebreili)

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.