Domestic gold futures came down to Rs 48,000 per 10 grams on Monday amid sluggishness globally. MCX gold futures moved between Rs 47,775 and Rs 48,027 per 10 grams while silver futures gained 0.05 per cent to Rs 49,204 per kg.
Meanwhile, the fourth installment of the government-run Sovereign Gold Bond Scheme opened for membership on Monday at an issue price of Rs 4,852 per gram.
According to the Mumbai-based industry body, India Bullion and Jewelers Association (IBJA), the initial rate for gold jewelery was Rs 48,283 per 10 grams and silver was Rs 48,803 per kg.
The retail price of gold jewelery varies in different parts of India, depending on factors such as excise, state taxes and duty making. In the international market, gold spot lost 0.1 per cent to close at $ 1,773.49 an ounce.