In the international market, both the metals were trading with hefty gains, with gold quoting higher at $1,514 per ounce and silver at $12.96 per ounce.
The gold to silver price ratio was trading above 121, a lifetime high, indicating extreme weakness in silver
Base and precious metals fell on Multi Commodity Exchange (MCX) futures. The fall in metals was a little sharper on the London Metal Exchange (LME)
The dollar rose over 1% against rivals, making gold more expensive for holders of other currencies.
The price of silver, too, jumped to ~46,165 a kg on Monday
The precious metal had closed at Rs 43,435 per 10 gram in the previous trading session
On Tuesday, the precious metal had closed at Rs 43,228 per 10 gram. Silver prices also jumped Rs 1,198 to Rs 47,729 per kg from Rs 46,531 per kg in the previous trade.
But the market is subdued with consumers making ony need-based purchases, such as for marriages
The metal has gained as much as 5.5% so far this week as worries over the coronavirus sent investors scurrying for safe-havens
Gold extended its downturn in the physical markets in Mumbai on Saturday
Investors book profits amid fears that a large sell-off in equities will have a spillover effect on a safe-haven asset like bullion
"Spot gold of 24 karat in Delhi was trading up by Rs 75 with rupee depreciation," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
Adjusting for a large institutional order in the year-ago quarter, retail growth has been much higher than expectations at 15%
Silver also witnessed increased buying as it surged Rs 1,105 to Rs 49,430 per kg from Rs 48,325 per kg in the previous trade
Silver prices also gained by Rs 21 to Rs 47,781 per kg, compared to Rs 47,760 per kg in the previous trade
Gold-silver ratio indicates more upsurge possible for the white metal
Silver also zoomed Rs 943 to Rs 47,146 per kg compared to the previous close of Rs 46,203 per kg
Silver prices declined by Rs 65 to Rs 45,485 per kg against the previous close of Rs 45,550, HDFC Securities said
Analysts said widening of positions by traders in sync with a firm trend overseas for precious metals mainly influenced silver prices
In the international market, gold was trading at $ 1,466 an ounce and Silver at $ 16.86 per ounce in New York