Now is the time to cash in on gold jewellery, according to some of Bermuda's top high street jewellers.

With the value of the dollar weakening and the price of gold rising, there has never been a better time to invest in gold rings, chains, bracelets and watches, they say.

The price of gold reached an all-time high of $914 an ounce on Monday as investors sought a haven from any potential US recession, while the weak dollar has also boosted the value of the metal, making it cheaper for other currency holders.

And gold's record position was mirrored by other precious metals, with platinum also setting a fresh all-time high recently. Allan Porter, who runs Solomon's Fine Jewellers, claims that a lot of people have not realised what has happened, with the face value of gold jewellery appearing to go up, but, in actual fact it is more of a bargain due to the relative weakness of the dollar.

"Because of the current value of the dollar, a lot of things on the Island are at a sale price," he said.

Susan Millar, vice-president and general manager of Crisson Jewellers, admitted that while the price of gold is very high right at the moment, the cost of gold jewellery is going to rise further, so it is always a good investment.

"Even though the dollar is weak in value, it is compounded by the fact that gold is close to $900 an ounce, which is a record high in my experience of 30 years," she said. "It is always a good investment now because it is going up."