Dubai: Gold prices fell more than 1 percent on Tuesday and were set for their biggest monthly decline since October 2008. Spot gold declined 1.5 percent to $3,956.92 per ounce by 02:21 GMT, shedding 12.7 percent so far in the month in what would be its fourth straight monthly fall.

According to Emirates News Agency, US gold futures for August delivery lost 1.7 percent to $3,969.30. Meanwhile, spot silver fell 2 percent to $57.13 per ounce, platinum lost 1.1 percent to $1,557.21, and palladium slid 0.4 percent to $1,208.17. All three metals were headed for quarterly and monthly losses.