AP PHOTOS: Economic jitters and soaring gold prices create a frenzy for US jewelry merchants
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9:42 PM on Sunday, May 11
By JAE C. HONG
LOS ANGELES (AP) — As gold prices soar to record highs resulting from global economic jitters, hundreds of thousands of U.S. dollars’ worth of gold are circulating through the doors of the St. Vincent Jewelry Center in downtown Los Angeles on any given day.
Many of the 500 independent merchants in the largest jewelry center in the United States say they have never seen such a surge in customers. People are flocking in to sell or melt down their old jewelry, while others are investing in gold blocks to keep as stable assets.
Gold’s current rally comes as President Donald Trump issues ever-changing announcements of tariffs, roiling financial markets into volatility and threatening to reignite inflation.
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