Gold prices hit their lowest level globally this year on Monday after falling around 3.8% to $4,320/ounce (₹4.05 lakh/31.10 gm), as the US-Iran war enters its fourth week. Gold's market capitalisation worth nearly $1.5 trillion (over ₹140 lakh crore) was reportedly wiped out in roughly three hours. Last week, gold prices recorded worst weekly decline in 40 years.