It's worth its weight - Gold prices up - KSWO 7News | Breaking News, Weather and Sports

It's worth its weight - Gold prices up

Lawton_It's a new Gold Rush at local pawn and jewelry shops, but it's the customers who are cashing in.  The price of gold is at an all time high - rising to a record-breaking $1,000 per ounce.  While experts say consumers aren't buying as much gold these days, they are flocking to stores to sell it for cash.  With the prices so high, it's the perfect time for it.

Rocket Pawn and Jewelry Owner Cynthia Beavers says customers are coming in droves to trade in their old gold for cash.  "Just scrap gold chains, necklaces, rings - they're just cleaning out their jewelry boxes," she says.  News of the price increase of gold is all over town.  Pawn shops are seeing people bring in broken jewelry, old wedding rings, and even gifts from ex significant others. 

Stock experts say the price is so high because investors are buying gold, seeing the precious metal as a safe investment, especially with inflation and the rising cost of fuel.  Beavers says she knew it was coming.  "I kind of had a feeling that it was going to reach that - I just didn't know when," she says.

The price has gotten so high, so quickly, that Beavers has even scrapped some of her older stock to turn a profit.  "I could actually ship it and get more money for it, than what I've got it priced for," she says.

Stock traders cashed in their gold profits Thursday, though, leaving the cost of gold to settle at just over $993 an ounce - still up $13 from last week.

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