As per reports, the yellow metal hit a low of $1,596.70 an ounce, which is its weakest since Aug. 16. The spot gold was last seen at $1,610 an ounce.

Gold futures for April 2013 contract, at MCX, were trading flat at Rs. 30,193 per 10 grams.

On Friday, Delhi spot gold of 99.9 and 99.5% purity was at Rs 30,625 and Rs 30,425 per 10 grams, respectively.

Rising gold imports have pushed India's current account deficit to an all-time high of 5.4 per cent in Jul-Sep 2012.

G20 meet will be in focus this week for clues on global growth and currencies which will decide the direction for the yellow metal.

As per the Kitco News Gold Survey, out of 33 participants, 25 responded this week. Of those 25 participants, nine see prices up, while 12 see prices down, and four see prices moving sideways or are neutral.

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