Silver prices also dropped by Rs 300 to Rs 43,150 per kg on reduced offtake by industrial units and coin makers.
Marketmen said apart from a weak trend overseas, fall in demand from local jewellers and retailers at current levels weighed on gold prices.
Globally, gold fell 0.02 per cent to USD 1,234.30 an ounce and silver declined 0.06 per cent to USD 17.93 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 180 each to Rs 29,700 and Rs 29,550 per 10 grams, respectively. It had gained Rs 255 in the past three sessions.
Sovereign, however, held steady at Rs 24,500 per piece of eight grams.
Tracking the yellow metal, silver ready fell by Rs 300 to Rs 43,150 per kg and weekly—based delivery declined by Rs 265 to Rs 42,670 per kg.
Silver coins, however, remained unaltered at Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.