This may be the time for engaged couples to buy wedding bands and for others to have their jewelry reappraised.

That’s because gold prices hit an all-time high Monday at $988 an ounce, up $336 an ounce, or 34 percent, since last year. Platinum and other precious metals prices are also on the rise.

The hike could mean higher prices at jewelry counters, depending on the piece, but customers may not see the cost increase until later. Mark Callis, president of Bichsel Jewelry, said

“It’s a wonderful time for consumers to buy” jewelry in stock.

“It would allow you to buy at prices that are discounted greatly,” he said. “It’s a great opportunity to buy at old gold prices.”

Jewelers likely are selling pieces they bought months ago for less, but will have to be more selective with what they buy now at higher prices. Callis said higher gold prices “make the retail side of the business more difficult.”

“It’s a bigger investment in our inventory,” he said.

Eventually, customers will see the price of gold jewelry increase, said Jim Reed, co-owner of Reed & Sons. But, how much of an increase depends on what the customer is buying.

Those buying rings, earrings or pendants will likely notice little difference, Reed said. The price of a typical engagement ring mostly comes from the stones, he said.

“There’s so little gold in that particular item, it doesn’t really effect it,” Reed said.

Also, most engagement rings are 14-karat gold, which means it’s 58 percent pure gold and the rest is other materials.

A person buying a wedding band could pay about 20 percent more than last year, Reed said. He used an example of a man who could have gotten a $170 estimate last year for a 14-karat gold wedding band that weighs one-sixth of an ounce.

“That same wedding band today may be $210,” Reed said.

Customers would likely see a bigger difference compared to five years ago when gold was 70 percent, or $700, less than it is today, Reed said. Other factors can affect the price of jewelry, including designer, labor and overhead costs.

High gold prices are another indicator of a poor economy. Elaine Jones, associate professor of finance at University of Central Missouri, said high inflation and interest rates have prompted low consumer confidence. People are less likely to invest in stocks and more likely to put money into “hard assets, like gold,” Jones said.

“Gold is considered a fairly safe investment during these times,” she said.

Callis said the falling value of the dollar is also a factor, and people buy gold to “hedge against inflation in harder economic times.”

Jones said she would expect gold prices to rise more if the economic downturn continues. Gold prices could level if credit market problems are resolved, and the economy has an upswing.

In the meantime, Callis suggests people who own jewelry with a large amount of any precious metal have it reappraised because insurance is based on replacement costs. Those folks should have an appraisal from at least the past year in this market of rapidly rising gold prices, he said.

Reed and Callis also warn consumers to be aware of the quality of jewelry they buy. Some stores will make thinner bands or use lower quality materials in their jewelry to cut costs in light of high gold prices, Reed said.

“It’s not going to be the case here, but it’s going to be that way in a lot of places. ... You won’t see it here because we have to live with the customer,” Reed said.

Most people wear engagement and wedding rings all the time, so quality is important, Reed said. A light, thin band won’t cut it, he said.

“If you’re pulling weeds or scrubbing bathtubs, that’s not going to last too long,” he said. “I’d be a value shopper rather than a price shopper.”

Some jewelers are offering a mix of silver and gold to keep the weight and wearability good, but the price affordable, Reed said. He suggests customers consider three factors — the weight, karat and cost — when buying gold jewelry.

“That’s a good way to shop if you’re comparing apples to apples,” he said.

Callis recommends buying from a trusted jeweler, “someone who will be there to stand behind their product.”