Latest local news, weather and high school sports for Tri-State area

QUINCY, ILL. -- If you have unwanted gold, now might be the time to sell.

The price of the product has skyrocketed especially in the past few days.

This time last year, the price of gold was right around $1,200 per ounce. Now, it's around $1,800 and changing constantly.

Emerald City Jewelers President Sheri Busse says, "The price of gold is determined by a couple of things. The demand and the price of the dollar. So, yesterday, the price of gold actually dropped, but the dollar also dropped so the price of gold went up. So, the price of gold is going up today quite rapidly because of the demand and the strengthening dollar. So, it's just a reflection of that," says Busse"

Tuesday, the price of gold should have gone down $5.40, but because the U.S. dollar weakened, it went up $13.70.  At 4:30 p.m. Wednesday, gold should have gone up $72.05, but because the US dollar also strengthened, it went up $51.30. And the price of gold will most likely continue to rise.

Busse says, "Analysts are saying the price of gold could go up to 5,000 an ounce, and become, pretty much unaffordable for the average american citizen."

With the economy on a decline, more people are turning in their gold to get some extra money.

Busse says, "When gold prices first started going up two or three years ago, we were buying gold and it seemed like people had things that were more disposable. Right now, they're parting with things that maybe they don't really need. As prices go up, people might say well this is another thing I can get rid of even though I've held on to it longer because it was more treasured."

Emerald City Jewelers President Sheri Busse says gold can be melted down and formed into other gold pieces, but there is always the same amount of gold in the world -- enough to fill two olympic sized swimming pools.

Busse says, "As long as there's love there will be an heirloom piece of jewelry to go along with it, something you can pass on for generations."

Busse also says people who have already sold their gold have received around a few hundred dollars on average -- which is often not what they paid for it.

Also, the price of diamonds is also going up.

But Busse says, there isn't generally a correlation between the two.