Indian Stockists', Traders' Selling Helped Drive Prices Down

That's according to a report in the Economic Times, which says that bearishness triggered the sales:

Gold prices dropped further at the bullion market here on Monday on sustained selling from stockists and jewellers triggered by a bearish overseas sentiment...

Traders and speculators preferred to take out profits at higher levels as the trading sentiment in global markets remained bearish after the US Securities and Exchange Commission charged Goldman Sachs with fraud for allegedly marketing a sub-prime mortgage product [without disclosing John Paulson's role in its assembly].