Price of gold skyrockets during coronavirus pandemic

Unstable economy cited for price spike

SAN ANTONIO – If you have unwanted gold jewelry, now may be the time to sell it for cash.

“In the last 60 days, gold has jumped from $1,684 to $1,956” said Chad Clark, owner of CD Clark Diamond and Design, which buys, sells and manufactures gold.

Clark believes the unstable economy caused by the COVID-19 pandemic is behind the unprecedented spike.

”They say that gold rises when we print money, you know. And so printing money has something to do with it. But I also think there’s an uncertainty in our economy with COVID 19,” Clark said.

The fact that gold is at an all-time high means good news for people who have some scrap gold lying around looking to sell.

But the rise in prices does put a strain on local jewelers.

”It costs me more to make, to buy gold, to manufacture. All the costs of jewelry goes up because, you know, we’re a bridal manufacturer as well,” Clark said.

While all that glitters isn’t gold.

Clark said even jewelry that is plated with the element holds increased value because the pieces can be melted and the gold can be filtered out.

Which means you might want to dig check out your jewelry box. You never know, you could get some extra cash in your pocket during these tough times.