ISLAMABAD: Islamabad’s jewelry markets present the scene of a haunted town as deserted shops await customers amid sky high gold prices, even during the peak wedding seasons.
As the precious yellow metal gets out of reach for a common man, silver, its cheaper cousin, has seen an unprecedented rise in demand in past few months, not for jewelry but bullions.
Over the past year, the prices of silver have increased by approximately $13.32, or 39.30 percent, per ounce globally, according to silverprice.org monitor.
In Pakistan too, the metal surged to as high as Rs15,188 ($53.5) an ounce this month, amid strong demand for silver bullions by investors and common public.
“People are buying silver like you buy vegetables,” Shafiq, a jeweler who has been in the business for 18 years and only gave his first name, told Arab News this week.
