On MCX, August gold futures fell 0.23 per cent to Rs 48,158 per 10 gram.
on Friday fell to Rs 48,350 from Rs 48,750 per 10 gram, while silver declined to Rs 48,600 from Rs 50,050 per kilogram, according to Good Returns website.
Gold jewellery price varies across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making charges.
In New Delhi, the price of 22-carat gold also slid to Rs 47,150 per 10 gram, while in Chennai it is Rs 46,540. In Mumbai, the rate is Rs 46,330, according to the Good Returns website. The price of 24-carat gold prices
in Chennai is Rs 50,940.
On MCX, August gold futures fell 0.23 per cent to Rs 48,158 per 10 gram. Silver July futures also collapsed by 1.37 per cent to Rs 48,103 per kilogram. MCX has decided to accept gold and silver bars refined at domestic refineries for deliveries, subject to final regulatory approval.
India's gold imports plunged 86 per cent year-on-year in June due to record high prices and as international air travel was banned and many jewellery shops were closed amid a nationwide lockdown to curb the spread of coronavirus, Reuters reported.
In value terms, June imports dropped to $608.76 million from to $2.7 billion a year ago.