Silver also jumped Rs 900 to Rs 47,990 per kilogram from its previous close of Rs 47,090 per kilogram.
Gold is trading at Rs 38,390 per 10 gram after Finance Minister Nirmala Sitharaman announced corporate tax cut.
Prices of silver also tumbled Rs 380 to Rs 47,310 per kilogram.
In line with gold, silver prices also declined by Rs 770 to Rs 47,690 per kilogram.
In the bullion market, gold prices for 24 Karat rose to Rs 38,860 per 10 gram from Saturday's closing price of Rs 38,400.
Silver prices also witnessed a gain of Rs 172 to Rs 48,400 per kilogram. On Thursday, it closed at Rs 48,228 per kilogram.
Gold is trading at Rs 38,775 per 10 gram at the bullion market here on a stronger rupee against the dollar.
Tracking weakness in gold, silver prices also tumbled Rs 1,150 to Rs 48,590 per kilogram at the bullion market here.
Gold ETFs have been witnessing net outflows every month for more than six years, except for November 2018.
Higher gold prices in India may have helped investors in pumping their money in gold ETFs.