Similarly, the price of 10 grams of 24-karat gold decreased by Rs1,200, settling at Rs381,430 from Rs382,630.
Meanwhile, the price of 10 grams of 22-karat gold dropped by Rs1,100 to Rs349,656 from Rs350,756.
In the international market, gold prices also declined by $17 per ounce, falling to $4,235 from the previous rate of $4,252.
Silver prices followed a similar trend. The price of 24-karat silver per tola declined by Rs12, reaching Rs5,261 from Rs5,273, while 10 grams of silver fell by Rs10 to Rs4,510 from Rs4,520.
International silver rates also dipped by $0.26, settling at $51.60 per ounce.
Read: Gold prices plunge in global, local markets
Spot gold was up 0.3% at $4,259.34 per ounce, as of 0514 GMT. U.S. gold futures for December delivery climbed 1.4% to $4,273 per ounce.
Spot silver rose 0.6% to $52.18 per ounce. Prices fell about 4.4% on Friday in their worst session since early April, after hitting a record high of $54.47 earlier in the day.