However, silver recovered by Rs 270 to Rs 55,000 per kg on fresh buying by industrial units and coin makers.
Traders said fall in demand at existing higher levels mainly pull down gold prices, which had climbed to an all-time high of Rs 30,570 per 10 grams in the previous session.
They said fresh buying by industrial units mainly helped silver prices to recover from recent decline.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 70 to Rs 30,500 and Rs 30,300 per 10 grams, respectively. The metal had gained Rs 1,070 in the last six days.
Sovereigns held steady at Rs 24,400 per piece of eight grams in restricted buying.
On the other hand, silver ready recovered by Rs 270 to Rs 55,000 per kg, while weekly-based delivery fell further by Rs 670 to Rs 54,530 per kg on lack of speculators' support.
Meanwhile, silver coins remained flat at Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.