Dubai-Mubasher: Gold prices rose on Wednesday as Paulson & Co. expected the precious metal to stage a strong comeback next year.

John Paulson, the hedge fund's president, said prices will rise strongly in 2016, noting that gold will be a safe haven for investors especially after the occurrence of several economic challenges.

At 9:37 GMT, the gold rose 0.14% to $1,070 per ounce. Meanwhile, the silver moved 0.20% higher to $14.200 per ounce after falling to its lowest in nearly six years.