Hyderabad, April 23 -- Gold prices in Dubai, United Arab Emirates (UAE) fell sharply on Wednesday morning, April 23, opping below 400 Dirham per gram, following a record high the previous day. The decline offers much-needed relief to retail buyers amid recent market volatility.

According to Dubai Jewellery Group, 24-carat gold opened at Dh 399.50 (Rs 9,299.29) per gram, down from Dh 420 on Tuesday, April 22.

Other categories also saw price drops:

22-carat at Dh 370.00 (Rs 8,611.29) per gram from Dh 388.75 per gram

21-carat at Dh 354.75 (Rs 8,256.37) per gram from Dh 372.75 per gram

18-carat at Dh 304.00 (Rs 7,075.22) per gram from Dh 319.50 per gram

In recent days, gold prices have been rising rapidly-sometimes even hourly-prompting...