As of 12.05pm, 24-carat gold in Dubai was retailing at Dh149.25 per gram, down Dh2.75 or 1.8 per cent compared to Tuesday, April 19, when prices hit as high as Dh152.
The price of 22 carat (22K) was fixed at Dh140.25, while 21K and 18K traded at Dh133.75 and Dh117.75 per gram, respectively.
In a weekly survey by Kitco, it was found that 72 per cent of 602 gold retail investors are optimistic that the metal will trade higher this week. Among market experts, 44 per cent are expecting the prices to decline, while only less than a third (28 per cent) are bullish.
A new trend, however, is emerging in favour of another precious metal. Market analysts are watching closely at the resurgence of silver, which rallied sharply last week, leading to a decline in the gold/silver ratio.
According to the latest analysis by Georgette Boele, co-ordinator for foreign exchange and precious metals at ABN Amro, silver has actually been the strongest performing precious metal year-to-date, jumping by more than 23 per cent against the US dollar, thanks to improved investor sentiment.
While silver has been on the rise, gold prices, in contrast, hit a ceiling of around $1,280 per ounce in March.
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