Amid escalating trade tensions between China and the United States, the price of gold has seen a significant increase both in global markets and in Afghanistan.
Several residents of Kabul, who were purchasing gold for celebratory events, said that due to economic hardships, they can no longer afford to buy gold.
They express hope that gold prices will drop in the country’s markets
Faisal, another Kabul resident, said: “Gold has become more expensive, and people cannot afford to buy it. I hope prices will drop so that people can afford purchases.”
Gold sellers also report a decline in sales due to the rising prices in Afghanistan’s markets.
“There are general problems. Previously, customers would come, and if they wanted a locket, it would cost around 200,000 afghani, but today, 200,000 afghani is worth much less. That’s why our sales have dropped,” said Hashmatullah, a gold seller in Kabul.
The Kabul Goldsmiths’ Union attributes the rise in gold prices to various political and economic factors globally, including the economic tensions between China and the US.
They say that the price of gold has increased by $50 per gram compared to last year.
According to information from the Kabul Goldsmiths’ Union, currently, 18-karat gold is sold at 6,300 Afghanis per gram, 21-karat gold at 7,300 Afghanis per gram in Kabul markets, and on the global market, one gram of gold has reached 107 U.S. dollars.