Gold price today slid to Rs 51,100 from Rs 51,450 per 10 gm, while silver was trending at Rs 58,300 per kg, according to the Good Returns website.
Gold jewellery prices vary across India, the second-largest consumer of the metal, due to excise duty, state taxes, and making changes.
In New Delhi, the gold price of 22-carat fell to Rs 46,850 per 10 gm, while in Chennai it slumped to Rs 45,190. In Mumbai, the rate was Rs 47,240 according to the Good Returns website. The price of 24-carat gold in Chennai was Rs 49,300 per 10 gm.
On the MCX, December gold futures fell 0.75 per cent to Rs 47,763 per 10 gm, while silver December futures were at Rs 58,950 per kg.
Gold prices fell Rs 142 to Rs 47,483 per 10 gram in the national capital on Monday on a weak global trend, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 47,625 per 10 gram. Silver price also declined Rs 701 to Rs 57,808 per kilogram from Rs 58,509 per kilogram.
In the international market, Gold prices extended their slide to five month lows on Monday as prospects of a vaccine-led boost to the economy cast a shadow over safe-haven assets and set bullion on course for its worst month in four years.
US gold futures dropped 0.9 per cent to $1,771.20 per ounce.
"The news of vaccines has led to a lot of optimism in the market and we are seeing some outflows in safe-haven assets like the dollar, Treasuries and the same is being reflected in gold prices," said OANDA analyst Craig Erlam.
Gold prices fell despite the dollar hitting its lowest level in two and a half years. Bullion has declined more than $300 an ounce from a record high of $2,072.50 an ounce hit in August.
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