Mumbai / Delhi / Chennai: Gold rates across India sank by a significant margin to erase any gains it had set in the last week.
According to rates tracked by Sify.com, a dip was observed in the range of Rs 300 - 400 per ten grams.
MCX futures expiring August too contracted by a similar number as of the time of updating this story.
Retail price of the yellow metal across India according to Sify Gold hovered in a range of Rs 47,500 - 48,000.
US Spot Gold on Monday dipped by a margin of at least 0.5 percent as of the time of writing this story.
US Spot markets nudged below the $1,800 mark even as trade was reportedly bearish. US Gold futures headed for a weekly loss at $1,803 an ounce and indications of a further dip.
Gold prices have sharply corrected from highs of upwards of $1,800 an ounce. This is primarily because the Dollar Index gained by 0.1 percent in line with Asian shares which rallied on the Wall Street to record highs on Friday.
However, two factors that could offer some support to Gold is an increase in cases of the Delta virus strain and China's decision to infuse a trillion dollar boost to its economy.
Additional data in the form of US CPI inflation data to be released on Tuesday and US Fed Chief Jerome Powell's statement on Wednesday could influence gold rates either ways.
Markets anticipate Powell to offer cues on interest rates. Should the US Fed increase rates or show signs of making such a decision, gold rates may witness a significant bump.
Sify.com covers Gold rates across 65 plus Indian and Gulf cities.