The spot price of gold dropped 4 percent from last week’s figures. At press time, the price of gold was $1,825 per ounce, a decline of $69 from the $1,894 total on Aug. 22. In comparison, platinum’s price—which gold had surpassed on Aug. 8—rested at $1,852 per ounce today, just 2 percent, or $27 higher, than gold.
While some analysts have predicted the price of gold will hit $2,000 an ounce, most jewelry designers who struggle to sell their gold inventory wish the metal would continue its descent in the financial markets.
New York City–based Rosanne Pugliese, a maker of fashion-forward gold jewels, uttered one telling phrase this morning when asked about sales of her luxurious 22k gold pieces: “Ugh.”
“At this point, a small hoop in gold is decadent,” she says.
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