On September 2, gold prices stood at Rs 38,449 per 10 gram, while silver was at at Rs 46,880 per kilogram.
In the national capital, gold of 99.9 percent and 99.5 percent purity fell Rs 40 each to Rs 39,600 and Rs 39,430 per 10 gram, respectively.
Spot gold was 0.4% higher at $1,525.86 per ounce at 0336 GMT, having fallen to a one-week low at $1,517.11 in the previous session.
Brent crude was down 27 cents, or 0.5%, at $58.98 a barrel by 0324 GMT, while US oil was down 2 cents at $55.083 at barrel.
Here's a roundup of key happenings in the commodities market
Spot gold was up 0.1% to $1,528.10 per ounce, as of 0347 GMT.
US gold futures were up 0.8% at $1,549.50 an ounce.
Local gold futures hit an all-time high of 39,196 rupees ($548.26) per 10 grams in early trade, taking their gains to nearly 25% in 2019.
Gold prices have been hitting a fresh high everyday since August 20.
On the MCX, silver for delivery in September was trading lower by Rs 307, or 0.7 percent, to Rs 43,634 per kg in a business turnover of 4,019 lots.
Oil prices were also buoyed by data showing lower exports in June from Saudi Arabia, the world's top oil exporter.
Futures are currently fully priced for a quarter-point cut in rates next month, and over 100 basis points of easing by the end of next year.
On August 19, gold skidded 1.2% below the key level of $1,500, marking its biggest daily decline since July 19.
The 10-year US Treasury yield pulled away from a three-year trough hit last week.
US gold futures were flat at $1,508.30 an ounce.
International benchmark Brent crude futures were at $58.35 a barrel by 0249 GMT, down 18 cents, or 0.3%, from their previous settlement.
On the MCX, silver for September contracts delivery moved down by Rs 248, or 0.57 percent, to Rs 43,531 per kg in a business turnover of 5,263 lots.
On the MCX, gold for delivery in October contracts traded lower by Rs 146, or 0.38 percent, to Rs 38,072 per 10 gram in a business turnover of 2,637 lots.
On the MCX, gold for delivery in October contracts traded higher by Rs 243, or 0.65 percent, to Rs 37,740 per 10 gram in a business turnover of 3,437 lots.
On the MCX, crude for delivery in August contracts dropped by Rs 55, or 1.43 percent, to Rs 3,803 per barrel in 21,894 lots.
On the MCX, crude oil for delivery in August contracts fell by Rs 18, or 0.46 percent, to Rs 3,873 per barrel with a business turnover of 29,110 lots.
Watch all the developments in the commodities market here.
CNBC Commodity Editor Manisha Gupta takes us through the major happenings in the commodities market.
Here is a roundup of all the key happenings in the commodities market.
On the MCX, gold contracts for July delivery fell by Rs 15, or 0.04 percent, to Rs 34,231 per 10 gram in a business turnover of 17,059 lots.