Gold prices in the UAE jumped to a new record high on Tuesday as 22K touched Dh316 per gram at the opening of the markets.

At 9am UAE time, 24K jumped Dh0.75 to Dh341.25 per gram while 22K rose to Dh316.0 per gram, up Dh0.75 per gram.

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

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 , China and Mexico raised concerns of inflation and impact on economic growth of the world’s largest economy.

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.