On MCX, October gold futures fell 1.44 per cent to Rs 51,269 per 10 gram. Silver September futures was at Rs 65,569 per kg.
witnessed volatile trading on Monday and dipped marginally by Rs 44 to Rs 53,040 per 10 gram in the national capital, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 53,084 per 10 gram.
"Spot gold prices
for 24 carat in Delhi traded volatile with rupee fluctuation as prices pared early gains with sharp rupee appreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said. Silver also declined by Rs 206 to Rs 68,202 per kg from Rs 68,408 per kg.
Gold prices fell on Monday as risk sentiment improved after the US drug regulator authorised the use of blood plasma from recovered Covid-19 patients as a treatment option, while the dollar held firm. Spot gold was down 0.4% at $1,932.48 per ounce after hitting a one-week low of $1,910.99 on Friday.
Investors are now waiting for U.S. Federal Reserve Chairman Jerome Powell's speech at Jackson Hole on Thursday for any hints about how aggressively the central bank will try to manage the long-term recovery from the coronavirus pandemic.