High strength gold wire for use in microelectronics and a method of producing the same are disclosed. In the methods of the present invention, a gold alloy having gold and a dilute rare earth (RE) element is produced. Next, the gold alloy is atomized into a powder. The dilute RE element is at least partially oxidized during atomization. Then, the powder is consolidated into an oxide dispersion strengthened gold billet. Finally, gold wire is formed from the oxide dispersion strengthened gold billet. The high strength gold wire can be drawn to a diameter less than conventional gold wire, while still maintaining mechanical and electrical properties, thereby facilitating microelectronics miniaturization.