Tourists at Gold Market in Dubai. Image Credit: Ahmed Ramzan/ Gulf News Archive

Dubai: Gold jewellery in the UAE may be cheaper today compared to the last few weeks, but prices are again starting to go back up, latest data show.

The bullion inched higher on Monday and analysts are expecting the trend to continue for the rest of the week, so gold fans in the UAE will again have to pay more out of their pockets when shopping for new jewellery.

As of  11.30am, 24-karat gold was retailing at Dh159.75 per gram, up by .25 fils from early Tuesday morning. Compared to the last few weeks, however, the latest price is cheaper by Dh1 per gram, with 24K trading as much as Dh160.75 last February 27.

According to Vijay Valecha, chief market analyst at Century Financial Brokers, the bullion is set to gain more strength this week, and prices will again break above $1,360 an ounce.

“Gold is broadly trading in the range of $1,310 to $1,360 and we could see gold moving upwards to try and break the $1,360 barrier,” Valecha told Gulf News.

“A break above the $1,360 on a closing basis will trigger a new wave of buying,” Century Financial said in a report.

As of early Tuesday (0057 GMT), spot gold had gone up 0.1 per cent to $1,324.08 an ounce, according to Reuters.

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