Despite a little price hike in the last week, the gold remained in a bear market, the head of precious metals at bank Emirates NBD said Saturday.

The price of gold added 8 U.S. dollars during the recent week, trading at 1,470.5 dollars per ounce.

Schubert, expert in Emirates NBD, said in his weekly analysis that retail consumers who bought gold two weeks ago at prices below 1,350 dollars was "really a clever move."

Nevertheless, Schubert said he observed continues outflows from gold exchange trade funds at global capital markets as investor shift to equities.

He added that the gold remained in a bear market.

Asked by Xinhua if the slump in gold prices was a danger for African gold mines which produce 40 percent of the world's gold output, Schubert said there was certainly an impact "but not a dramatic one." Endi

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