From Yahoo Finance: 2025-05-11 00:03:00

At the largest jewelry center in the US, gold worth $177,000 was melted down as gold prices hit record highs, sparking a surge in customers selling or melting old jewelry for quick cash. Some fear inflation amid Trump’s tariff announcements, while others see gold as a safer investment than stocks.

People across the country are snapping up gold amid economic jitters, with jewelers reporting customers bringing in family heirlooms to melt down. Middlemen like pawn shop owners are also cashing in on the trend. However, some businesses are struggling with high gold prices and added tariffs cutting into profit margins.

Gold prices are expected to continue rising, with experts predicting it could reach $4,000 to $5,000 per troy ounce by year’s end. The metal is seen as a safe haven for investors during times of economic uncertainty, with history showing significant price increases during previous periods of inflation and recession fears.



Read more at Yahoo Finance: Economic jitters and soaring gold prices create a frenzy for US jewelry merchants