Gold fell by Rs 85 to Rs 38,775 per 10 gram on Monday, tracking weak international prices, according to HDFC Securities.
On Saturday, the yellow metal had closed at Rs 38,860 per 10 gram. "Spot gold prices for 24 Karat in Delhi were trading lower by Rs 85 on strangled spot demand and weak international prices.
The weakness in the rupee, which fell around 7 paise against the dollar during the day, limited the downside in gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Silver prices also tumbled by Rs 290 to Rs 45,250 per kg from Rs 45,540 per kg. In the international market, gold prices were trading lower at USD 1,464 an ounce, while silver was quoting at USD 16.88 per ounce.
International spot gold prices remained in the trading range below USD 1,470 an ounce as a round of positive comments on the US-China trade deal cheered investor sentiments, he added.