Stuck In a Dilemma - Attend a graduation out of obligation?

Stuck In a Dilemma - Attend a graduation out of obligation?

My co-worker is graduating with his master degree and we've worked together for nine years now. He gave me an invitation to the graduation. I am throwing a party that same day and really don't have the time to attend. Should I just show up to show face? Do I have to get him a gift if I go or don't go? Please advise.

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