Jewelry Designers and Collectors on Rising Gold Prices: ‘Chaos, Pure Chaos'
When Danielle Sherman launched her fine jewelry line, Sherman Field, in 2019, gold cost around $1,508 per troy ounce. This month, the metal hit a record high, closing at $3,411.40, and Sherman's prices rose accordingly. That hasn't hurt business, she said. Her brand's sales have almost doubled from this time last year.
Gold prices have been both volatile and rising. Investors are scooping up bars and chains, hoping to secure a future profit. Even for collectors who are driven by a love of jewelry, the high price of gold is a potential benefit. The last time prices rose so steeply was in April 2020, during the Covid market meltdown. 'Whenever there's economic or political instability throughout the world, we notice a jump,' said Sherman.
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