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Platinum and Gold Engagement Rings: Are Prices Going Up?
Certainly a very distinct possibility with both precious metals surging over the past two months.
Gold is at $690/oz and Platinum has really taken off closing today at $1296, an increase of $24.00.
The spot price of gold has risen 8.4 percent this year, while the euro gained 2.9 percent against the dollar. The U.S. currency today touched the lowest against the euro since December 2004. Gold generally moves counter to the dollar.
``The long position in gold is hedging against weakness in the dollar,'' said Nick Ruggiero, a trader at Eagle Futures Inc. in New York. ``Any time there's a sell-off in gold, the buying has come in.''
Gold for immediate delivery rose $3.70, or 0.5 percent, to $690.25 an ounce at 4:03 p.m. New York time bringing this year's gain to 8.7 percent.
``The undercurrent support for gold is weakness in the dollar,'' said Carlos Perez-Santalla, a gold trader at Hudson River Futures in New York.
The euro has gained 1 percent against the dollar in the past four sessions on speculation that growth in the European economy will outpace the U.S. The euro traded today as high as $1.3616.
Platinum rose to the highest price in almost 11 months on speculation an exchange-traded fund for the metal will help fuel demand.
Zuercher Kantonalbank of Switzerland's will introduce ETFs for silver, platinum and palladium on May 10, the bank said on April 13. ETFs already exist for silver and gold.
Jewelry Designer and Manufacturer VATCHE for whom we are an Authorized Dealer just raised their prices on Platinum and Gold Engagement Rings on February 4th of this year and with these consistent almost daily increases tied to the weak dollar, further price increases may be imminent.
Stay tuned.
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