Gold prices declined by Rs 85 to Rs 31,230 per 10 grams here today, mainly due to a weak trend overseas and easing demand from local jewellers.
Silver also dropped by Rs 130 per kg due to reduced offtake by industrial units.
Standard gold (99.5 per cent purity) fell by Rs 85 to end at Rs 31,230 per 10 grams from last Friday's close of Rs 31,315.
Pure gold (99.9 per cent purity) also declined by the same amount to settle at Rs 31,380 per 10 grams against Rs 31,465 previously.
Silver (.999 fineness) dipped by Rs 130 per kg to Rs 40,030 compared to Rs 40,160 previously.
Globally, gold hit a two-week low as investors piled into the dollar with US Treasury yields approaching 3 per cent.
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Spot gold was down 0.5 per cent at USD 1,327.93 per ounce at early trade.
Among other precious metals, spot silver fell 1 per cent to USD 16.94 per ounce.