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From November 2007 to March 2008, the price of gold increased from $865 an ounce to...

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Economics

From November 2007 to March 2008, the price of gold increased from $865 an ounce to over $1,000 per ounce. The increase in price had little to do with the increase in demand from the jewelry industry but significant increase from investors who looked at gold as a safe haven to invest in. a. Was the increase in the price of gold due to a shift in the demand curve for gold, a shift in the supply curve for gold, or both? b. Did the increase in the price of gold affect the supply curve for gold jewelry? If so, how?

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