Silver also plunged by Rs 1,430 per kg on poor offtake by industrial units and coin makers.
The rupee ended almost flat against the dollar.
Traders said sustained selling by stockists against sluggish demand amid a weakening global trend, where gold dropped below $1,200 an ounce as the Federal Reserve scaled back monetary stimulus, mainly kept pressure on precious metals.
Traders said brisk buying by stockists and jewellery fabricators to meet the rising festive and wedding demand mainly led an upsurge in gold and silver prices.
While gold zoomed up by Rs 410 to Rs 30,810 per ten gram, silver jumped up by Rs 990 to Rs 51,200 per kg on increased offtake by stockists on the back of firm global trend.
Rupee rises by 16 paise against dollar on fresh selling.
'It is less dependent on imported capital.'
Snapping its two-day gains, the rupee on Monday declined by 48 paise to settle at nearly four-week low of 62.17 against the US currency.
Rupee ends day stronger against the dollar.
The dollar moved higher, while prices for US government debt fell, as traders ramped up bets the Federal Reserve would raise interest rates in March
During the first US presidential debate, moderator Chris Wallace asked Trump about The New York Times report which revealed that Trump paid $750 in federal income taxes in 2016 and 2017 and also he had paid no income taxes at all in 10 of the previous 15 years starting in 2000.
The rupee ended marginally lower by three paise at 66.36 against the US dollar.
Asian stocks sagged on Monday, with risk sentiment dampened as Shanghai shares wobbled after the Chinese markets resumed trading following a four-day long weekend.
Silver managed to recover some grounds.
However, the hefty initial gains of the rupee, which had jumped to 61.05 intra-day, were substantially erased on month-end demand for US dollars from private oil firms and some defence-related purchases, amid fall in domestic stocks.
The sale will be quicker if an Indian private bank buys it; it will take longer for regulatory clearances if a foreign bank or an NBFC buys it, points out Tamal Bandyopadhyay.
Costlier oil due to rising conflict in Iraq threatens to hurt the India economy that is already battling price rise and slowing growth.
The US currency weakened against major Asian currencies in global markets which lifted the rupee sentiment
Despite accounting for the largest number of fatalities, the death rate, however, in the US is much lower than other countries.
Gold prices staged a smart rebound to surpass the psychologically important Rs 28,000 milestone.
Most expect these bubbles to break in short order and cause serious financial pain to anyone who's foolhardy enough to remain invested in financial assets.
The nomination would put Yellen on course to be the first woman to lead the institution.
The US dollar has risen about 15 per cent since mid-2015.
The rupee on Monday slipped by 5 paise to close at 63.57 per dollar on fresh demand for the American currency from banks.
The major US indexes pared losses late in the session.
The rupee had strengthened by 19 paise on Monday.
The top companies with a striking gap in pay between the senior-most executives and median employees in 2017-2018 belonged mostly to sectors such as information technology, auto and engineering.
World number two Rafael Nadal confirmed on Tuesday that he will not defend his US Open crown this year at Flushing Meadows as organisers released the singles entry list for the Grand Slam. Spain's Nadal had said in June that he had reservations about travelling to the U.S. amid the COVID-19 pandemic and he joins women's world number one Australian Ash Barty in skipping the tournament due to COVID-19 concerns.
Federal Reserve Chair Janet Yellen on Wednesday pointed to a possible December interest rate "liftoff" but said rates would rise only slowly from then on to nurture the U.S. economic recovery.
Tata Motors (down 1.7%) was the top loser on Sensex and Nifty, while Lupin (1.6%) gained the most.
Forex market was shut on Tuesday on account of 'Mahavir Jayanti'.
SEWA International, a leading Indian-American non-profit organisation, has so far raised more than $250,000 for its COVID-19 relief efforts. It is using the money to buy personal protective equipment's, in particular facial masks and surgical masks, to donate free to the local law enforcement officials and hospitals in some of the hot spot areas like New York, who have run out of these essential items.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown
News of all that's transpired on and off the football field
In just one day, more than 1,550 Americans lost their lives, taking the fatalities to over 7,380. Overall, the US on Friday in a single day added more than 33,000 new COVID-19 cases, taking the total to 276,500, the highest for any country in the world.
The first fatality from COVID-19 was reported from the Washington state on February 26.
The S&P and Dow dipped the most in a day since September 28.
Many factors leading to the 2008 financial crisis still exist.
Summers dogged by controversies over past views
The Nasdaq Composite hit a high of 5,143.316.
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