However, silver advanced by Rs 80 to Rs 43,880 per kg on increased offtake by industrial units and coin makers.
Traders said that besides a weak trend overseas, fall in demand from local jewellers and retailers at current levels at domestic spot market mainly led to the decline in gold prices.
Globally, gold fell by 0.14 per cent to USD 1,255.20 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity fell by Rs 50 each to Rs 30,125 and Rs 29,975 per 10 grams, respectively.
Sovereign, however, remained unaltered at Rs 24,500 per piece of eight grams.
On the other hand, silver ready rose further by Rs 80 to Rs 43,880 per kg and weekly-based delivery traded higher by Rs 35 to Rs 43,385 per kg.
Silver coins, however, held steady at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.
PTI