Monday, January 16th 11:39 AM IST

Afghanistan gold hits fresh record

# gold reserves  # Afghanistan gold  # Arabic gold  

The high price for gold affected merchants here as most weddings were postponed or held without gold, analysts said.

KABUL(BullionStreet) : Gold remained the only major commodity that got boosted during last week in Afghanistan, according to reports.

At the closew of trade Friday, the rate of one gram of Arabian gold increased from 2,100 Afghanis to 2,200 Afghanis and the same amount of Iranian variety from 1,750 Afghanis s to 1,800 Afghanis.

At the same time, One liter of diesel cost 65 Afghanis and the same amount of petrol 59 Afghanis, against their last week's rates of 70 Afs and 62Afs respectively.

The high price for gold affected merchants here as most weddings were postponed or held without gold, analysts said.

Poorer families, the overwhelming majority in this impoverished nation,save up and borrow from friends and family members to buy gold on wedding days. Often they buy Iranian gold, which is cheaper than Arabic gold.

Gold sellers here say that 50 percent of their business comes from weddings.

However, gold shops in Kbaul remained highly decorrated to attract customers. More than 90 percent of the stores' glass cases are filled with gold, much of it imported from Saudi Arabia and Bahrain.

Gold jewellery making in Afghnaistan is still far away from global standards but is climbing up recently, analysts added.

The war torn nation is reported to have huge mineral reserves including gold. The US Department of Defense estimates that Afghanistan's reserves of iron ore, copper and gold are worth $1 trillion.

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