Silver also eased by Rs 160 to Rs 41,100 per kg.
Silver coins remained unaltered at Rs 69,000 for buying and Rs 70,000 for selling of 100 pieces.
The panel will look into issues related to compliance procedure.
Gold gained Rs 220 on Tuesday.
Gold and silver became costlier in the country following the international price rise over the expectations of negative interest rates in the US, the rising trade tensions between the US and China and the weakening of the rupee.
Arun Jaitley has rejected the demand for rolling back the levy.
Jewellers sold huge quantities of precious ornaments at a premium of up to 50%.
The government pushed import duty on gold jewellery up by half to 15 per cent, the finance ministry said on Tuesday, setting it higher than raw gold duty in a move aimed more at protecting the domestic jewellery industry than stemming bullion imports.
In Delhi, gold of 99.9 and 99.5 per cent purity zoomed up by Rs 650 each to Rs 27,470 and Rs 27,270 per 10 grams respectively.
Bullion traders attributed the fall in gold prices to a weakening global trend after the US added the largest number of jobs in almost three years, fuelling concerns that the Federal Reserve will move closer to raising interest rates.
Will help to reduce imports of the metal.
The decision was taken in view of significant rise in imports of gold in recent years putting pressure on current account deficit.
The coins can have the face and names of the owner embossed on them.
Indians are no more rushing to buy bullion after this week's sharp sell-off
In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Silver also recorded a significant rise of Rs 960 to Rs 39,250 per kg on increased offtake by industrial units and coin makers.
Traders said profit-selling by stockists at existing higher levels amid a weak global trend as deepening euro-zone debt crisis weakened euro against the dollar and shifted investors interest from bullion to forex and equities.
It can touch Rs 32,500 per 10 gram.
The days of spot prices of gold differing from one city to another will soon be over.
Silver traded higher by Rs 250 to Rs 34,400 per kg.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
All wholesale commodity markets, including bullion and metals, will remain closed on Monday on account of 'Republic Day'.
Globally, gold added 0.4 per cent to $1,163.73 an ounce in Singapore.
The metal has gained Rs 860 in last six trading sessions.
Rajkot-based bullion trader Pankaj Lodhya, who has been named by the Centre in an affidavit filed before the Supreme Court in the black money case, on Monday denied having a foreign bank account and said he was shocked to find his name in the list.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
Gold prices were ruling at Rs 26,385 per ten gram at the bullion market while silver was quoted at Rs 34,000 per kg.
Silver managed to recover some grounds.
The government will issue Sovereign Gold Bonds (SGBs) in six tranches beginning April 20, the Reserve Bank of India said on Monday. The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram and the tenure of the SGB will be eight years with exit option after fifth year to be exercised on the interest payment dates.
Traders said besides increased offtake by jewellers, both precious metals improved on some buying by investors who shifted their money from easing equities to the bullion.
Globally, gold climbed 1.85 per cent to $1,230.70 an ounce.
Globally, gold lost 0.4 per cent to $1,274.19 an ounce in Singapore.
Spot gold was bid lower at $ 1,298 an ounce in early European trade.
Silver also rose by Rs 100 to Rs 37,400 per kg.
Silver too advanced by Rs 100 to 38,700 per kg.
Gold surged to a fresh all-time high of Rs 28,540 per 10 grams in the bullion market today on sustained buying by stockists and investment-driven purchases fuelled by the bullish trend in international markets.
Gold prices on Thursday fell by Rs 180 to trade at Rs 26,870 per 10 grams at the bullion market.
The industry is estimated to have incurred a loss of Rs 10,000 crore (Rs 100 billion).
Silver coins continued to be traded at last level of Rs 48,000.
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