Arab Finance: Gold prices recorded a surge on Wednesday, as geopolitical tensions in the Middle East and US trade tariffs uncertainties lifted the bullion's safe-haven appeal, Returns reported.

Spot gold went up by 0.2% to $3,039.38 per ounce as of 07:45 GMT. Earlier in the session, it recorded an all-time high of $3,045.24, marking the 15th one this year.

Matt Simpson, a senior analyst at City Index, stated: "At its current trajectory, gold futures could tag $3,200 in just over a month. Even if we get a shakeout or two along the way, I suspect bulls are laying in wait for a discount, however small.”