Gold prices in Dubai saw a noticeable decline during Monday morning trading, with the market shedding Dh3.5 per gram across various categories. According to the Dubai Jewellery Group, 24K gold dipped to Dh544.0 per gram, down from its previous closing price of Dh547.5. This downward trend extended to other common variants, with 22K, 21K, 18K, and 14K gold also recording losses as the new week kicked off.

The dip reflects a broader market reaction, as investors remain cautious while monitoring potential shifts in geopolitical tensions. Much of the current volatility is being attributed to uncertainty surrounding a possible US-Iran peace deal, alongside a strengthening dollar and rising crude oil costs. Market analysts suggest that these external pressures, particularly the elusive nature of the US-Iran agreement, have left the yellow metal struggling to maintain its footing in the current economic landscape.