Silver also tumbled by Rs 770 to Rs 60,460 per kg from Rs 61,230 per kg in the previous trade.
The rupee appreciated by 7 paise to settle at 77.98 (provisional) against the US dollar on Monday as crude oil prices retreated from elevated levels.
In the international market, gold was trading higher at USD 1,839 per ounce while silver was trading flat at USD 21.60 per ounce.
“Gold prices traded steady with spot gold prices at COMEX trading marginally up at USD 1,839 per ounce on Monday. Gold prices got support from weaker dollar and lower bond yields,” said Tapan Patel, Senior Analyst (Commodities) at HDFC Securities.