Tuesday, August 9, 2011

As gold prices rise, so does curiosity

LAS VEGAS (FOX5) -

For the second day in a row, the price of gold has reached a new high, sparking new and increasing curiosity about the precious metal.

Gold trading on COMEX closed at $1,740 Tuesday, after increasing 29.80 points. Spot gold prices continued to rise throughout the evening, exceeding $1,750 per troy ounce.

Whether your collection includes a giant nugget or something smaller, gold retailers say there is money to be made.

After the price of gold broke the 1,700 mark on Monday, some local jewelry shops reported an increase in business. Neil Sackmary, a certified gemologist at Nevada Coin & Jewelry told FOX5 his shop has been inundated with customers.

"Gold is so crazy that it's bringing people in like you wouldn't believe," he said.

The price spike this week is a reflection of a trend in the gold market. The price for a single troy ounce is up more than $161.40 over the past month. Over six months, the price rose $345.40, with a one year gain of $509.50.

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