EL PASO, Texas (KFOX14/CBS4) — Gold and silver prices are climbing to record levels, forcing some El Paso jewelers to adjust how they price and sell jewelry as customers look for more affordable options.

At CBC Fine Jewelers in West El Paso, marketing director Eunice Cardenas said the cost of precious metals has surged dramatically.

According to Cardenas, the price per ounce was at around $2,600 in the beginning of 2025, but now it has reached over $5,000.

RECOMMENDED: Travel outlook: Americans cutting costs without canceling summer vacations

Cardenas said that in the business’s more than 25 years of operation, it has never seen prices this high.

“It’s actually at an all-time high. A very unprecedented increase in all of this,” Cardenas said.

According to The New York Times, gold traded at around $2,800 per ounce a year ago and now sits at more than $5,000.

Silver also saw a 60% increase, peaking at $122 in January and falling to $87 today.

Tom Fullerton, an economics professor from the University of Texas at El Paso, said businesses facing higher costs must decide whether to pass increases on to customers or absorb some of the impact.

“Do they try to pass it on to their consumers in its entirety? Or if conditions are weak, if there’s economic uncertainty out there, generally they will elect to reduce their profit margins,” Fullerton said.

Emily Schmalz reports on how the rising cost of precious metals is affecting an El Paso business.

RECOMMENDED: El Paso plumbing company says rising gas prices are cutting into profits

Cardenas said CBC is trying to balance affordability and profitability by adapting its approach, including offering programs that allow customers to trade in their own gold.

“Now, we’ve had to become a little more we’ve had to adapt and become creative so that we can continue being in business and provide the best quality of pieces and experience to our customers,” Cardenas said.

And we absorb some of those pricing differences as well so that we can continue that loyalty to our customers.

Cardenas said customers are also changing their buying habits, focusing more on affordability when shopping for jewelry.

Fullerton said that kind of shift is common during times of economic uncertainty.

“So instead of buying 18-carat gold jewelry, they’ll buy 10 or 14-carat gold jewelry,” Fullerton said.

If prices continue to climb, Cardenas said family-owned businesses like CBC Jewelers could continue to feel the strain.

Sign up to receive the top interesting stories from in and around our community once daily in your inbox.