Prices of silver also dropped Rs 775 to Rs 45,705 per kilogram, from Rs 46,480 per kilogram in the previous trade.
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Gold on Monday drifted lower by Rs 240 to Rs 38,530 per 10 gram in the national capital following weak international prices, according to HDFC Securities.
Gold for 24 Karat on Saturday had closed at Rs 38,770 per 10 gram here.
"Spot gold (Delhi) prices fell following weaker international prices," according to Devarsh Vakil, head (advisory-PCG), HDFC Securities.
However, the losses were capped following a lower rupee against the US dollar, he added.
In the international market, gold was trading lower at USD 1,487.15 per ounce in New York and silver at USD 17.24 an ounce.
COMEX gold prices trade lower at USD 1,487 following stronger US dollar, he added.
The Indian rupee on Monday opened on a cautious note and fell 7 paise to 70.63 against the US dollar in early trade on Monday tracking weak opening in domestic equities and foreign fund outflows.(PTI)