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Detroit, MI--As gold prices reach record highs, local jewelers and investors across metro Detroit say demand for the metal has surged—and that it's not too late to benefit. According to a WXYZ Detroit report, gold has climbed above $4,000 per ounce for the first time, sparking heavy buying and selling in stores across the area.

[Image via iStock.com/vasantytf]

At The Diamond Vault of Troy, co-owner Randy Cole said business has been nonstop. "All day, yesterday and today, buying and selling," Cole told WXYZ. He added that some customers are selling old jewelry and using the proceeds to purchase silver or gold bars instead.

The report noted that experts attribute the 2025 gold rally to economic uncertainty, inflation concerns, and global tensions, prompting investors to seek safe assets. Financial analyst Steve Cotton said central banks and finance ministries are also increasing their gold purchases, fueling the trend. "It's not too late to get in as long as you keep it a modest part of your portfolio," Cotton said.

People like Rebecca Nowak have been selling unused jewelry to capitalize on the high prices. "Nothing that I brought is difficult to part with, and most of it I won’t even remember when I leave," she told WXYZ while selling pieces at Tappers in West Bloomfield.

Metals expert Lance Shapiro cautioned sellers to understand gold purity before trading. "People are unaware that 24-karat gold is really the only pure gold," he said. "So when they hold a bunch of material, they don't realize it's only worth about half the weight or value."

Cole also advised caution when buying bullion or coins. "If it's too good to be true, it's not true," he said.

Learn more in this report by WXYZ Detroit.