Silver also dropped by Rs 300 per kg on reduced offtake by industrial units.
Standard gold (99.5 purity) declined by Rs 70 to end at Rs 31,150 per 10 grams from Monday’s level of Rs 31,220.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,300 per 10 grams as compared to Rs 31,370 yesterday.
Silver (.999 fineness) fell by Rs 300 per kg to conclude at Rs 47,445 from Rs 47,745 earlier.
Globally, the yellow metal edged lower as global equities rallied on easing political uncertainty in Britain and hopes for more economic stimulus measures, which in turn curbed demand for assets perceived as a safe haven.
Spot gold was down 0.2 per cent at USD 1,352.06 an ounce in early trade, after falling nearly 1 per cent on Monday, which was its biggest decline in almost two weeks,
US gold was down 0.1 per cent at USD 1,355.30 an ounce.
Silver was up 0.6 per cent at USD 20.41 an ounce.
PTI