Gold prices were trading close to an all-time high on Thursday morning, according to Dubai Jewellery Group.

In the UAE, 24K was trading at Dh486.5 per gram while 22K was selling at Dh450 per gram. The 22K variant of the yellow metal crossed the Dh450 mark on Wednesday evening, reaching an all-time high of Dh450.5 per gram for the first time ever.

Spot gold was trading at $4,038 per ounce, down 0.26 per cent on Thursday.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said the bullion finally soared past the $4,000 per ounce on Wednesday on the back of diminished appetite for traditional currencies, including the euro, dollar, sterling, and yen - alongside strong central bank buying and renewed uncertainty around the US government shutdown.

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“A question that constantly comes up is whether gold has more room to run. Unlike equities, we don't have valuation ratios to judge whether gold has become 'too expensive.' The yellow metal also enjoys solid retail demand, particularly during China's Golden Week and India's wedding season. But the physical leg is not the major explanation,” he said.

Ozkardeskaya added that gold rallies because investors believe it has value.“How much value? As much as people think it has. If one Bitcoin is trading above $120,000, gold surely has endless upside potential, as well. So yes, even with record-high prices, the medium-term outlook for bullion remains positive. Many investors already eye a move toward $5,000 and above,” said the senior analyst at Swissquote Bank.

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