Gold ETFs have witnessed an inflow in just five months in the last six years.
Palm's losses was however limited by a rise in rival oil prices.
US gold futures were down 0.4per cent at $1,451.40 per ounce.
The decision to sell ornaments against PDCs was agreed upon at a board meeting convened by the India Bullion and Jewellers Association (IBJA) on Monday.
Aluminium for delivery in November declined by 15 paise, or 0.11 per cent.
Guar seed prices on Monday rose Rs 79 to Rs 4,361 per 10 quintal in futures trade.
U.S. crude was 88 cents lower at $56.36 a barrel, having risen 1.9% last week.
Gold prices on Monday rose by Rs 61 to Rs 37,748 per 10 gram in futures trade.
West Texas Intermediate crude oil was trading 1.03 per cent lower at $56.65 per barrel.
Opec+ implemented an agreement in Jan to cut output by 1.2 mn barrels per day until March 2020.
US gold futures were up 0.2 per cent at $1,465.70 per ounce.
Malaysia's palm oil stockpiles stood at 2.3 million tonnes at the end of October.
Here is how SMC Global expects commodities to trade today.
Brokerage SMC Global expects bullion counters to edge up on Monday.
US gold futures were flat, at $1,463.30 per ounce.
Indian merchants peg potential cotton exports from India to Pakistan at $1.5-2 billion.
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