Silver also followed suit amid weak buying from industrial units.
Standard gold (99.5 purity) dipped by Rs 115 to settle at Rs 29,300 per 10 grams compared to overnight close of Rs 29,415.
Pure gold (99.9 purity) also fell by a similar margin to end at Rs 29,450 per 10 grams compared to Rs 29,565 on Friday’s closing.
Silver (.999 fineness) also declined by Rs 65 to conclude at Rs 43,190 per kg as against Rs 43,255.
Globally, gold held steady after ending the previous week little changed, as traders awaited further clues on the pace of US interest rate rises from a raft of Federal Reserve officials due to speak this week.
Spot gold was at USD 1,235.21 an ounce in early trade, little changed from USD 1,235.22 late on Friday.
Silver was up 0.1 per cent at USD 17.98 per ounce.
PTI