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

Latest Christie's auction sells 50 percent by lot

Geneva--A day after the three top diamond lots failed to sell at Sotheby's auction in Geneva, a Christie's auction in the same city sold only 50 percent by lot. Read More

Big diamonds don't sell at Sotheby's
Large diamonds to highlight December auction
More Fashion News

More Like This

Christie's to auction blue Wittelsbach diamond
November 04, 2008 | National Jeweler Network
Platinum price reaches record high
February 14, 2008 | National Jeweler Network
Gold, platinum prices continue surge
October 12, 2007 | National Jeweler Network
Links of London to launch watch collection
October 04, 2007 | National Jeweler Network
Fingerprint wedding bands
July 30, 2007 | National Jeweler Network

Design Portfolio

advertisement

Video

Small multi video player located on right rail of NJN site

advertisement

Longines names Stefanie Graf new ambassador
Rolex to implement new watchmaker training
Helzberg's 'Sparkle' sale to benefit children's charities
Kay Jewelers debuts Jane Seymour collection
Big diamonds don't sell at Sotheby's
HOF shakes it up with snow globe promotion
Kay Jewelers debuts Jane Seymour collection
Big diamonds don't sell at Sotheby's
Longines names Stefanie Graf new ambassador
David Yurman to teach master class
Sponsored by:

Retailer Toolbar

LoupeIt
LoupeIt!
A search engine designed specifically for the jewelry industry where every return is relevant to the retail jeweler.
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