Gold hit an all-time high price on Monday before dropping on Tuesday, and the fluctuations of the market are keeping Wisconsin jewelers cautious, according to a Wisconsin Public Radio report.
The price of gold experienced weeks of record-breaking prices, and prices rose to more than $4,300 per ounce earlier this week.
Jewelers like Charlie Dixon of Schwanke-Kasten Jewelers in Milwaukee told WPR they’ve been careful about what to buy for stock.
Rising gold prices have increased the cost of fine jewelry. John Hayes, president of Goodman’s Jewelers in Madison, told WPR people conscious of their spending were buying $500 to $1,000 engagement rings in recent years, but that “sweet spot” is now gone.
