While most people tend to focus on the diamond when buying a diamond engagement ring, since it tends to comprise the majority of the overall price, they don’t always stop to think about how the spot price of investment grade precious metals like gold, platinum, and silver affect the price that they will pay for the complete ring — but it does.
Attention shoppers: If you are in the market for a diamond engagement ring, then you’ll be happy to know that the spot price of investment grade gold, platinum, and silver bullion hit the lowest levels in six years on July 20th. The price of platinum sank below $1000.00 an ounce, and gold temporarily crossed below the $1,100.00 benchmark and landed at $1,088.00 per ounce, which was the lowest price since February 2010.
At the time this blog article is being written, spot gold closed at $1,087.50 per ounce, spot silver is at $14.58 per ounce, and platinum is at a record low of $952.00 per ounce which is great if you’re buying precious metals for the first time, but might be a bit painful if you purchased precious metals for investment purposes back when prices were higher.
Silver was also trading at six-year low. At press time, it was trading at $14.83, its lowest level since 2009. The metal previously nosedived to a $14.97 earlier this month.
Analysts state that the reasons for the recent decline in the market price of precious metals is due to the strength of the U.S. dollar, and in particular Federal Reserve chair Janet Yellen’s indications that interest rates will rise later this year. However this does not mean that the spot price of precious metals will decline further, or not increase in the near future… there simply isn’t a crystal ball for this kind of thing, and I’ve seen precious metal prices rise and fall quickly over the years.
Suffice to say that it is a great time to buy a diamond engagement ring or perhaps have that special piece of custom designed jewelry made while precious metal prices are low! The staff at High Performance Diamonds can help you select the perfect Crafted by Infinity diamond to take center stage!
Read the Full Story in JCK Magazine.
Photo courtesy of KITCO.