As gold surpassed the record high of $4,000 per ounc e, the price of the precious metal also hit a new record high in Dubai on Wednesday.

According to Dubai Jewellery Group data, 24K was trading at Dh485.25 per gram on Wednesday morning, while 22K hit a record high of Dh449.25 per gram. Among the other variants of the yellow metal, 21K and 18K were selling at Dh430.75 and Dh369.25 per gram, respectively.

Spot gold was trading at $4,025.02 per ounce, up 1.15 per cent at 9 am UAE time on Wednesday.

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“Gold has done it. Gold has reached the long-awaited $4,000 per ounce mark, a level that carries psychological and symbolic significance. This moment represents a powerful and sustained rally that began with a breakout from a lengthy consolidation phase in early September, evolving into a pivotal chapter for the market and the yellow metal,” said Ahmad Assiri, research strategist at Pepperstone.

“Since that breakout, gold has risen by 16 per cent, while attempts at a pullback have remained shallow and short-lived. The price action has repeatedly shown that betting against this trend is costly. Each time prices retreat, buyers swiftly reemerge, reinforcing the view that gold continues to enjoy strong support from a wide range of investors,” he added.

He added that selling gold at this stage has become a high-risk endeavor for one simple reason: conviction.

“Institutions, central banks, and retail investors alike now treat dips as a buying opportunity rather than a sign of exhaustion. One only needs to recall the $3,000 level just six months ago, reached amid the tariff headlines, to understand how sentiment has shifted. This collective behavior has created a self-reinforcing cycle where every pause in momentum is met with renewed buying,” said Assiri.

He elaborated that gold has evolved from a traditional hedge during uncertainty into what could be described as a conviction trade, an asset whose value transcends price, reflecting deeper doubts about policy credibility and the erratic course of fiscal decision-making.

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