Gold necklaces, earrings and bracelets may be crossed off some gift lifts this holiday season: With gold close to $800 an ounce, these perennial presents may be too much for some shoppers' budgets.

In Manhattan's famed Diamond District, Chris Carlson walked out of a store empty-handed. Gold jewelry won't be on her shopping list this year, she said. "A little of the reason I'm not even considering it is because of the price increase," said Carlson, visiting from Omaha.

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