SAN DIEGO (KGTV) — The price of gold reached an all-time high this week, hitting nearly $3,400 an ounce on Thursday. Some wonder if their old jewelry is now worth more than the sentimental value.
Jewelry designer Irelia Mejia says gold’s value has grown by 27% from the beginning of the year..
“Instead of going up $100 to $200 per year, now that's happening in short months,” Mejia said.
It’s the fastest increase she’s seen in a while. Mejia believes the shift is driven by recent economic and geopolitical turmoil..
“I think gold gives people safety, versus the dollar,” Mejia said.
This might have you thinking it’s the right time to sell your gold jewelry, but Mejia says if you can, wait it out.
“Don't get this gold rush fever and go sell it or pawn it. I think that would be the worst idea.”
She expects an ounce of gold will be worth $3,800 by the end of the year.
“Hold on until the end of the year and contact a jewelry professional.”
If you do decide to sell, Mejia recommends getting estimates from a trusted professional before taking your items to a gold refinery.
“Some people, they don't realize what they have. When I tell them the value just in gold weight, they're surprised. They're stunned.”
She says certain items containing the precious metal can be melted for cash, but some antique jewelry is more valuable in its original form.
