REDDING, Calif. — Gold prices are climbing to historic highs, causing local jewelers to believe the surge is changing how people in the Northstate buy and sell jewelry.
Gold prices in the United States have risen sharply in recent years. In 2010, gold was just over $1,100 an ounce. In 2020, it was just over $1,500. Last year, it spiked to nearly $3,000 an ounce. It has now hit a high of above $4,500.
At Four Winds Jewelry in Redding, owner Rebecca Hinrichsen said she has seen the recent spike firsthand.
“A couple years ago they were like at 1,800. This year at Christmas, they hit about 5,700. There has been a big spike in the gold prices and everything,” Hinrichsen said.
Hinrichsen demonstrated how jewelry is tested, weighed and priced. She said more customers are bringing in items they no longer wear to earn extra cash.
“They’re going through gold that they don’t use anymore, or maybe grandma’s old things, broken jewelry, mismatched earrings,” she said.
Experts say investors often turn to gold during periods of economic uncertainty, driving prices higher. However, Hinrichsen said gold prices can fluctuate sharply day to day.
“It changes daily, it’s just like the stock market, so we get up in the morning and we check the gold, and it fluctuates throughout the day,” she said.
Hinrichsen said the higher gold prices can make selling tempting, but buyers should also expect higher jewelry prices as the value of gold continues to climb. She also noted that pawning jewelry is a quick process and can be done the same day at Four Winds Jewelry.
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