Dubai: Gold prices declined on Monday, with spot gold dropping 1.5 percent to US$4,793.97 per ounce as of 08:46 GMT, after touching its lowest level in more than a week on Friday. According to Emirates News Agency, gold reached a record high of US$5,594.82 on Thursday. In contrast, US gold futures for February delivery rose 1.6 percent to US$4,818.10 per ounce. The fluctuations in gold prices indicate a volatile market environment, impacting investors' strategies. Spot silver saw a rise, gaining 1.6 percent to US$85.98 an ounce, after achieving a record high of US$121.64 on Thursday. This suggests differing trends within the precious metals market as investors react to market conditions. In other metals, spot platinum fell 2 percent to US$2,120.05 per ounce, after previously reaching a record US$2,918.80 on January 26. Meanwhile, palladium experienced a decline of 0.9 percent, settling at US$1,682.59 per ounce. These figures highlight the recent shifts and record highs within the precious metals sector.