Dubai: Gold Prices Hit New Record High On Wednesday

Gold prices continue to rise to new highs at the opening of the markets in Dubai on Wednesday due to the trade war and tension in the Middle East pushing precious metal to above $3,035 per ounce.

The Dubai Jewellery Group data showed 24K rising by Dh0.75 per gram to Dh366 in Dubai on Wednesday morning. Similarly, 22K jumped to Dh338.75, 21K to Dh324.75 and 18K to Dh278.5 per gram.

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Globally, Gold was trading at $3,039.78 per ounce, up 0.23 per cent.

George Pavel, general manager at Naga Middle East, said gold continues its strong momentum, reaching new historical levels and increasing its appeal as a favourable asset in current markets.

“The precious metal has reached the psychological $3,000 per ounce level, setting fresh all-time highs. The yellow metal is experiencing sustained demand as institutional and retail investors rush into the market. The metal saw strong performance over the last week, continuing its robust 2025 run, with year-to-date gains now exceeding 14 per cent. This surge has reaffirmed gold's status as a safe-haven asset and as a growth vehicle in times of volatile economic conditions,” said Pavel.

He added that several interconnected reasons are behind gold's performance.“While the pending Federal Reserve rate decision towers over markets, traders expect monetary policy to favour non-yielding assets such as gold in the long run. Inflation data has been more subdued, triggering speculation on the scope of rate cuts that traditionally underpin gold prices. In addition, ongoing global economic uncertainties and escalating tariff wars have stoked safe-haven demand,” said Pavel.

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