Picture used for illustrative purposes only.

Gulf Today, Staff Reporter

Gold prices extended a record run on Wednesday as concerns of inflationary pressures boosted demand for bullion as a hedge, with traders shrugging off doubts over an imminent US interest rate cut and rising Treasury yields.

In the UAE the price of the 24K variant of the yellow metal jumped Dhs2.75 per gram to Dhs276.50 per gram on Wednesday morning as compared to last week’s close of Dhs273.75 per gram.

The 22K rised to Dhs256, 21K to Dhs247.75 and 18K to Dhs212.50 per gram.

Spot Gold was up 0.2% at $2,283.76 per ounce, as of 0602 GMT, and hit a record high of $2,288.09 earlier in the session. Bullion has hit record highs consecutively since Thursday.

US Gold futures gained 1% to $2,304.20.

"Gold continues to receive safe-haven flows as Ukraine continues to attack Russia's oil infrastructure, to the point it is ignoring rising US yields and the prospects of the Fed not cutting rates in June," City Index senior analyst Matt Simpson said.