Fashion

Save E-mail Print Most Popular RSS Reprints

Gold, platinum prices reach new highs

January 09, 2008

Similar Stories | Topics

New York—Gold and platinum prices soared to new heights on Wednesday, bad news for jewelers already struggling with the ever-increasing cost of precious metals.

The Associated Press reported that an ounce of gold for February delivery reached a record price of $879.40 on the New York Mercantile Exchange, breaking the previous record of $875 set in 1980.

The price later dropped to $877.20 per ounce.

Spot gold also rose to $876 per ounce, eclipsing the high of $869.05 hit last week.

Meanwhile, Bloomberg reported that platinum for immediate delivery was at $1,560.50 per ounce after reaching a record $1,561.75.

Both the AP and Bloomberg reported that the rising cost of the two metals is due to higher oil prices and a weaker dollar, as traders bet on gold and platinum as a hedge against inflation.

"Gold is going to be a great investment in 2008," Greg Smith, managing director of investment advisor Fat Prophets U.K. Ltd., told Bloomberg Television in a London interview on Wednesday. "One-thousand dollars an ounce is certainly in view."

Editor's note: For the latest precious-metal prices, see our Wholesale Material Pricing Tools.
Save E-mail Print Most Popular RSS Reprints
Post a Comment
* Required field
* Author:
* Comment:
 

More Fashion

Roberto Coin bangle and ring in 18-karat gold, ebony wood and cognac diamonds from the Capri Plus Collection
Exports down, but 'Made in Italy' label coveted

Italian jewelry exports have been down due to exchange rates and developing-nation rivals. But can young Americans who are wild about Dolce and Gabbana and Gucci neglect Italy's jewelry? Retailers don't think so. Read More

More Like This

U.K. jewelers join boycott of proposed Alaska mine
April 14, 2009 | National Jeweler Network
Alaskan gold mine fight heads to London
April 07, 2009 | National Jeweler Network
Push for generic diamond promotion continues
February 12, 2009 | National Jeweler Network
Wittelsbach nets record $24M at Christie's
December 11, 2008 | National Jeweler Network
Christie's to auction blue Wittelsbach diamond
November 04, 2008 | National Jeweler Network

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Sponsored by:

Retailer Toolbar

Best of Awards
A monthly contest held in every important jewelry category to recognize the industry's most outstanding product design and marketing.
Newsletters
Newsletters
Topic-specific newsletters that deliver the latest news on jewelry, diamonds, wholesale operations and high-volume buying directly to your in-box.
Reader Connect
ReaderConnect
Supplier information presented with every article, bringing you related, actionable content on every topic.
Jewelry Yellow Pages
Yellow Pages
A comprehensive listing of associations, organizations, suppliers and services for the jewelry industry.
Classifieds
Classifieds
A comprehensive listing of job postings, product offerings and other materials for sale for the jewelry industry.
NJN Customer Connect
CustomerConnect
The most sophisticated suite of marketing services available for jewelry retailers, from Internet tools to data marketing.

advertisement