Dubai, May 12 -- Gold prices in Dubai,United Arab Emirates(UAE), saw a sharp decline on the afternoon of Monday, May 12, with rates falling by Dirham 11.50 (Rs 265.59) per gram.

According to theDubai Jewellery Group, the price of 24-carat gold dropped to Dh 389.00 (Rs 8,983.96) per gram, from Dh 400.50 per gram at the close of trading on Sunday, May 11.

Other gold categories also recorded notable declines:

22-carat: Dh 360.00 (Rs 8,314.20) per gram, up from Dh 371.00 per gram

21-carat: Dh 345.25 (Rs 7,973.55) per gram, up from Dh 355.00 per gram

18-carat: Dh 295.75 (Rs 6,830.35 ) per gram, up from Dh 305.00 per gram

Meanwhile, spot gold was trading at USD 3,277.53 per ounce on Monday morning, reflecting a 1.5 percent decrease.

The ...