EL PASO, Texas (KFOX14\/CBS4) \u2014 Gold and silver prices had climbed to record levels, forcing some El Paso jewelers to adjust how they price and sell jewelry as customers look for more affordable options.<\/p>\n
At CBC Fine Jewelers in West El Paso, marketing director Eunice Cardenas said the cost of precious metals has surged dramatically. <\/p>\n
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.<\/p>\n
RECOMMENDED: <\/a>Travel outlook: Americans cutting costs without canceling summer vacations<\/a><\/p>\n Cardenas said that in the business’s more than 25 years of operation, it has never seen prices this high. <\/p>\n “It’s actually at an all-time high. A very unprecedented increase in all of this,” Cardenas said.<\/p>\n 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. <\/p>\n Silver also saw a 60% increase, peaking at $122 in January and falling to $87<\/p>\n However, according to Forbes, the price of silver is $76.69 as of 9:45 a.m. EST on Friday, down more than 10% but slightly higher than the intraday low price of $76.63 it hit earlier in the trading session.<\/p>\n 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.<\/p>\n \u201cDo 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,\u201d Fullerton said.<\/p>\n Emily Schmalz reports on how the rising cost of precious metals is affecting an El Paso business.<\/p>\n<\/p>\n