Gold prices in Dubai lost Dh7.5 since the market opened on Monday, with the 24K trading at Dh493 per gram. It fell from Dh497.25 a day before, losing Dh4.25 in one day.
The other variants, 22K, 21K, 18K, and 14K, were trading at Dh456.5, Dh437.75, Dh375.25, and Dh292.75 per gram, respectively
Globally, the spot gold price fell 1.02 per cent to $4,091.1 per ounce. Silver was down 2.15 per cent, trading at $56.35 per ounce.
Vijay Valecha, financial analyst and chief investment officer at Century Financial, said uncertainty over the Iran war and its implications for inflation and interest rates continued to weigh on gold prices.
Gold has fallen by around a fifth since the US-Iran conflict broke out in late February, as rising oil prices fuelled concerns about inflation, he.