Silver also slumped on the back of speculative sell-off coupled with reduced industrial demand.
Standard gold of 99.5 per cent purity slumped by Rs 500 to conclude at Rs 29,650 per 10 gm from last Saturday's closing level of Rs 30,150.
Pure gold of 99.9 per cent purity also fell by Rs 500 to end at Rs 29,800 per 10 gm from Rs 30,300.
Silver ready (.999 fineness) tanked by Rs 1,000 to finish at Rs 50,200 per kg from Rs 51,200 last weekend.
Globally, the yellow metal continued its slide in the midst of Fed tapering uncertainties and easing geopolitical tensions in Syria despite weak dollar.
Spot gold was bid lower at USD 1,317.61 an ounce in early European trade.