GOLD dropped sharply in the first session of the week

Forecasting this week's gold price trend, Kitco News' latest weekly gold survey shows that 50% of retail investors participating in online polls on Main Street expect gold prices to increase this week. This and the rest forecast that the price will go in the opposite direction. Retail investors expect gold prices to trade around $2,049/ounce this week.

Meanwhile, the majority of market analysts have an optimistic view on the yellow metal in the short term with 66% of experts participating in the survey predicting gold prices will increase.

Walsh Trading's Co-Head of Commercial Hedging Sean Lusk is optimistic about gold, saying the precious metal remains supported by concerns surrounding conflict in the Middle East and seasonal factors. Lusk predicts that during the seasonal growth period from now until Valentine's Day, gold prices will reach 2,175 USD/ounce.