Silver prices also dropped Rs 712 to Rs 47,506 per kg as compared with Rs 48,218 per kg in the previous trade.
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Gold prices declined by Rs 281 to Rs 41,748 per 10 gram in the national capital on Monday, in line with the fall in global rates, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 42,029 per 10 gram.
"Spot gold for 24 karat in Delhi fell by Rs 281 with fall in global gold prices despite weaker rupee," HDFC Securities Senior Analyst(Commodities) Tapan Patel said.
In the international market, gold was trading lower at USD 1,578 per ounce, while silver was quoting at USD 17.78 per ounce.