Gold prices in the UAE saw a slight decline at the start of the week, with 24K gold dropping to Dh501 per gram from its weekend closing price of Dh503. Other variants also followed this downward trend, as 22K, 21K, 18K, and 14K gold opened lower, trading at Dh464, Dh445, Dh381.25, and Dh297.5 per gram, respectively. This movement aligns with a broader dip in global spot gold prices, which slipped by 0.67 percent to $4,155 per ounce during Monday morning trading.

The decline comes amid cautious outlooks from major financial institutions like JPMorgan, which has scaled back its growth expectations for the precious metal. Analysts suggest that weaker-than-expected demand and the potential for earlier interest rate hikes by the US Federal Reserve are putting downward pressure on the market. While some experts view the $4,000 level as a solid support point, general market uncertainty continues to make investors hesitant, with many waiting for further price drops before committing to significant new purchases.