UTICA, N.Y. (WKTV) - There was a gold rush this week.

Gold prices have hit a new high and show no sign of slowing. Prices have increased more than 20%, just this week alone, and those prices have people running to unload their old gold.

When it comes to selling old jewelry, it is definitely a seller's market. With the value of the dollar dropping, the price of gold is climbing. On Thursday, prices peaked at $1,056 per ounce.

"It's skyrocketing up," says Ben Maurbito, owner of AA Jewelry Buyers and Swap Shop in Utica.

The spike in price means an increase for pawn shops and jewelry buying businesses. Maurbito said that this month, he's seen people trying to unload everything from old rings and broken gold chains, to family heirlooms.

The price of gold isn't the only precious metal going up - the price of silver is also rising.

If you do want to buy and sell gold or silver, you must provide a valid drivers license. All transactions are kept on file to prevent fraud and theft.