Globally, gold prices eased as investors' appetite for riskier assets rose on stimulus expectations as well as a rise in US dollar.
On Monday, gold fell below the $1,500 level by more than 1%, the biggest fall in a month 19th July 2019.
SPDR Gold Holdings said its holdings fell 1.17% on Monday.
Back home, the same trend followed with gold prices dipping by Rs100 to Rs 38,570 per 10 gms owing to weak spot demand and subdued global trends in morning trade.
Heavy rains in Kerala and Karnataka also weighed on demand for the yellow metal.
MCX Gold (Oct-4 expiry) was at Rs37,927/10gm up 0.27% in afternoon trade.