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Past 3 years witness gold prices, sales sinking

Past 3 years witness gold prices, sales sinking

Nov 15, 2015 - 16:03

KABULinfo-icon (Pajhwok): The gold price and sales have plummeted in Afghanistaninfo-icon during the past three years due to economic problems, jewelers said on Sunday.

According to website, the price of one ounce of gold around the worldinfo-icon in December, 2012 was 1,736 US dollars, but its current price is $1,083.

Kabul jewelers said the increase and decrease in gold prices depended on the precious metal’s international rate. The high and low demand has also an impact on gold prices.

Pajhwok Afghan News’s weekly economic reports suggest the price of one gram of Arabian gold declined from 2,500 afghanis (48.2 USD) to 2,150 afghanis (32 USD) since December 2012 --- down 33 percent.

Haji Mohammad Salehzada, a jeweler in Kabul, linked the drop in value of gold price to its high production in Syria, Iraq, Yemen and Lebanon, which are rich in gold.

He told Pajhwok Afghan News the ongoing conflict has economically affected the mentioned countries and they met their economic needs through gold exports.

The level of fall in gold sales

Salehzada said despite increase in gold production, its sales declined due to economic problems on international level, particularly in Islamic countries including Afghanistan. Most of the gold was sold in Islamic countries, he added.

He said sales in his jewelry shop previously stood at 129 grams annually, but now reduced to 40 grams.

“The business affairs automatically went down after President Ashraf Ghani took office. The situation was very good during president Hamid Karzai time, but now people are removing their assets from Afghanistan,” he said.

Kabul Jewelers Union head Haji Noor Mohammad Rezayee confirmed Salehzada’s views and said gold customers had reduced by up to 70 percent due to economic hardships.

He said sales various from shop to shop, but his shop witnessed the sales downing from 250 grams to 125 grams a year.

Some Kabul residents also complained about poor economic situation and confirmed gold prices had decreased.

Shima, a 49 year-old woman who lives in Macro Rayan residential area of Kabul, said she sold a gold set and a gold bangle to help his son travel to Germany.

“My son graduated from university three years ago, but he could not find a job. I was compelled to send him abroad and finance his trip,” she said.



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