Gold has soared past the $4,000 per ounce mark, achieving a new record in Dubai on Wednesday.
Data from the Dubai Jewellery Group shows 24K gold was at Dh485.25 per gram on Wednesday morning, with 22K reaching Dh449.25 per gram. Other gold types like 21K and 18K were priced at Dh430.75 and Dh369.25 per gram, respectively.
Spot gold traded at $4,025.02 per ounce, a 1.15% increase by 9 am UAE time on Wednesday.
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“Gold has achieved the milestone $4,000 per ounce, a level of both psychological and symbolic importance. This marks a significant rally that started with a breakout from a long consolidation in early September, becoming a crucial chapter for the market and gold,” commented Ahmad Assiri, research strategist at Pepperstone.
“Since that breakout, gold’s value has risen by 16%, with only minor and brief pullbacks. The market action shows betting against this trend is costly. Each dip sees buyers return quickly, demonstrating strong support from a diverse range of investors,” he added.
Assiri noted that selling gold now is high-risk due to strong conviction.
“Both institutions and retail investors now view price dips as buying opportunities rather than signs of exhaustion. Reflecting on the $3,000 mark six months ago, reached amid tariff discussions, highlights this sentiment shift. This behavior creates a cycle where each pause in momentum prompts more buying,” said Assiri.
He explained that gold has transformed from a traditional uncertainty hedge into a conviction trade, signifying deeper doubts about policy credibility and unpredictable fiscal moves.
