Gold for December delivery on the MCX was trading marginally lower by Rs 42 at Rs 30,290.
On the other hand silver was trading lower by Rs 146 at Rs 46,595.
Gold had rallied late last week on hopes that the Federal Reserve would continue its asset purchase programme. Reading into positive comments from Janet Yellen who would takeover as the Fed Reserve Chairman early next year helped boost sentiments for the precious metal.
This week gold is expected to take cues from a speech by Fed Chairman Ben Bernanke in Washington on Tuesday night, and on Wednesday after release of minutes from the Federal Open Market Committee's October meeting. Check gold rates here