On the MCX, December gold futures fell 4.80 per cent to Rs 49,665 per 10 gm.
Gold price today jumped to Rs 55,250 from Rs 55,040 per 10 gm, while silver was trending at Rs 61,000 per kg, according to the Good Returns website.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat rose to Rs 50,650 per 10 gm, while in Chennai it climbed to Rs 49,220. In Mumbai, the rate was Rs 51,230 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 53,380 per 10 gm.
On the MCX, December gold futures fell 4.80 per cent to Rs 49,665 per 10 gm, while silver December futures were at Rs 60,725 per kg.
rose for the fourth consecutive day on Monday, gaining Rs 277 to Rs 52,183 per 10 gram in the national capital on a strong global trend, according to HDFC Securities.
In the previous trade, the yellow metal had closed at Rs 51,906 per 10 gram. Silver prices
also jumped Rs 694 to Rs 65,699 per kilogram from Rs 65,005 per kilogram in the previous trade.
Gold slumped more than 5 per cent on Monday as news of the first successful late-stage Covid-19 vaccine trials prompted investors to dump safe-haven bullion and flock to riskier assets.
Spot gold was down 5.1 per cent at $1,852.82 per ounce, while U.S. gold futures slid 4.9 per cent to $1,855.30.
Spot prices beat a sharp retreat from a near two-month peak of $1,965.33 hit earlier in the session amid a weaker dollar and hopes for more stimulus following Joe Biden's victory in the U.S. elections. Equities surged after Pfizer Inc said its experimental COVID-19 vaccine was more than 90% effective. Pfizer and German partner BioNTech SE said they expect to seek U.S. emergency use authorization later this month.