The August gold contract on the New York Mercantile Exchange closed at $1,710.20 an ounce, up $61.40.
The current silver contract on the "NYMEX" closed at $39.37 an ounce, up $1.17.
Signs advertising cash for gold are posted everywhere from the streets to TV and Internet. But potential sellers should remember that gold buyers are in business to make money.
Omid Rabi, a jewelry store owner in downtown Los Angeles' jewelry district, says this would be a good time to sell, but do it wisely.
"They want to do their homework and find out as far as the weight, the value of the gold, daily prices," said Rabi of potential sellers.
As far as records go, $1,710.20 is a record but in today's dollars not the highest it has sold for. In 1980, it went for $850 per ounce, which would equal about $2,400 today.
While some experts say the price of gold has peaked, others say it could continue to rise to up to $2,500 by the end of the year.
The Associated Press contributed to this report.