Gold prices slipped from its record highs reached over the weekend at the Mumbai bullion market on Modnay on lower jewellery offtake and large offerings by stockists driven by bearish global cues.
Silver also witnessed a massive unwinding by speculators amidst subdued industrial buying.
In Europe, gold declined from record level and silver prices fell after news of killing of al Qaeda leader Osama bin Laden in a US-led operation in Pakistan.
In domestic market, standard gold (99.5 purity) dropped by Rs 240 per 10 grams to close at Rs 22,470 from last weekend's closing level of Rs 22,710.
Pure gold (99.9 purity) also dipped by Rs 245 per 10 grams to finish at Rs 22,570 against previous close of Rs 22,815.
Silver ready (.999 fineness) tanked by Rs 3,120 per kg to conclude at Rs 68,705 from last Saturday's closing level of Rs 71,825.
In Europe, spot gold bid at $1,556.20 an ounce in early trade as against $1,563.65 late in New York on Friday.
Spot silver was bid at $45.36 an ounce as compared to $47.80.