If you have gold jewelry tucked away in a drawer, now might be the time to cash in! The price of gold just hit a record high-soaring past $3,100 per ounce-and experts say it could climb even higher. But what does that mean for you?

Globally, gold touched an all-time high on Monday, breaching the $3,100 level, as investors turned to the safe-haven asset amid concerns that U.S. President Donald Trump's tariff plans would stoke a global trade war and economic fallout, Reuters reported.

Despite fluctuations in the stock market, gold prices have reached record highs, fueling sales inside jewelry stores.