Srinagar, Feb. 8 -- Bashir Ahmad, President of the All Kashmir Gold Dealers and Workers Association said that the market was witnessing a steep 90% drop in business over the past week.

Speaking on the current situation, Ahmad stated, "The market is down. There is no sign of work anywhere. For the past week, sales have plummeted and traders are left waiting for prices to stabilize. Customers are holding back, anticipating a drop in rates, but there is no certainty about when that might happen."

He said that currently the price of 24-carat gold is Rs 86,000 per 10 grams, a sharp increase that has further discouraged buyers. Other variants like 22-carat and 18-carat gold are also witnessing a steep rise in prices.

Ahmad highlighted the se...