Gold prices in Dubai saw a sharp decline this Monday, with rates dropping by more than Dh11 per gram. By the evening, 24K gold was priced at Dh536.25, a notable decrease from Friday’s closing rate of Dh547.5. This downward trend extended across all varieties, as 22K gold dipped below the Dh500 mark to reach Dh496.5, while 21K, 18K, and 14K gold also experienced corresponding price reductions.

The global market for bullion has been under heavy pressure, with spot gold falling over one percent to trade at roughly $4,467 per ounce. According to Vijay Valecha of Century Financial, the drop is largely driven by a strengthening US dollar and the anticipation that interest rates will remain elevated for the foreseeable future. While rising energy costs and regional geopolitical tensions typically draw investors toward gold, the current economic climate is creating a bearish outlook, making investors more cautious as they navigate the impact of central bank policies on non-yielding assets.