UAE: Gold Prices Jump To New Record High, 22K Reaches Dh316 Per Gram

Similarly, 22K and 18K also rose to an all-time high of Dh306.0 and Dh262.25 per gram, respectively.

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Globally, Gold was steady at $2,818.63 per ounce at 9.10am UAE time. It touched a record high of $,2830.49 per ounce late on Monday, bolstered by safe-haven inflows after US President Donald Trump's tariffs on Canada , China and Mexico raised concerns of inflation and impact on economic growth of the world's largest economy.

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Trump levied 25 per cent tariffs on Canadian and Mexican imports and 10 per cent on goods from China starting February 4.

Meanwhile, Canada and Mexico ordered retaliatory measures, while China said it would challenge tariffs at the World Trade Organisation.

Vijay Valecha, chief investment officer at Century Financial, said tariff announcements should typically drive gold prices higher due to increased safe-haven demand.

“Citi stated further tariff escalation should be bullish for the metal and will likely push prices to $3,000 per ounce. Meanwhile, JP Morgan noted that bearish contagion from equities could weigh on the metal in the immediate near-term, but disruptive tariffs continue to fuel a medium-term bull case for bullion,” added Valecha.