Price of gold more than doubles

By Kara Kostanich - bio | email

WEST PALM BEACH, FL (WFLX) - We've all seen the commercials about selling your gold. In the last five years, the price of the commodity has more than doubled. In 2005, an ounce of gold was worth $400. In 2009 that same amount is now $1,000.

"The gold market today is around $1,040 as we speak, said Howard Beardsley who is the manager at Provident Jewelry on Clematis Street in West Palm Beach. "It's almost doubled."

Good news if want to sell your gold jewelry.... Not so good news, if you want to buy gold.

We asked a local jeweler what this means for holidays shoppers who want to give the gift of gold. "This Christmas prices will likely be doubled for regular market new pieces."

Scott Nelson was upgrading a ring Wednesday. The big question: Would he still give gold with a hefty price tag? "I'm not going to spend that type of money."

But, it turns out, the West Palm Beach man just sold some gold jewelry. "Old class rings from my mother, some chains some bracelets."

Now maybe he's willing to go for a little bling. "I thought I'd maybe get $100 to $200, and I ended up walking away with almost $600."