Rolex watches, which aren’t known for their affordability, are getting even more expensive this year with the soaring price of gold to blame.

State of play: The luxury watchmaker is raising prices on its watches by up to 8% depending on the model, Bloomberg reports. For example, a yellow gold Day-Date model with a 40-mm black dial now costs about $45,809, up nearly 8% from last year.

In a move reflecting the surging value of gold, Rolex SA, the titan of Swiss luxury watchmaking, has initiated a significant price increase on some of its most sought-after timepieces. This adjustment,