In Los Angeles, at the largest jewelry center in the U.S., artisans like Alberto Hernandez are melting gold jewelry into bars worth thousands of dollars. With gold prices reaching record highs due to global economic instability, the St. Vincent Jewelry Center processes hundreds of thousands of dollars’ worth of gold daily. Many jewelers and refiners report unprecedented customer surges. Some customers are melting family heirlooms for cash, while others are investing in gold as a safer alternative to stocks. However, high gold prices combined with tariffs have strained profit margins for jewelers importing goods from abroad. Despite this, some experts predict gold prices could continue rising, potentially reaching $4,000 to $5,000 per troy ounce by year’s end.
— new from AP News
