However, silver prices recovered by Rs 75 to Rs 39,050 per kg on scattered enquiries from industrial units and coin makers.
Traders attributed the weakness in gold prices to lower demand from local jewellers, along with the global downtrend.
Overseas, gold fell 0.30 per cent to USD 1,322.20 an ounce and silver by 0.64 per cent to USD 16.26 an ounce in Singapore.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity plunged by Rs 200 each to Rs 31,350 and Rs 31,200 per ten grams, respectively. The metal had shed Rs 60 yesterday.
Sovereign, however, remained steady at Rs 24,800 per piece of eight grams.
On the other hand, silver ready edged higher by Rs 75 to Rs 39,050 per kg and weekly-based delivery by Rs 95 to Rs 38,220 per kg.
Silver coins, however, remained unaltered at Rs 74,000 for buying and Rs 75,000 for selling of 100 pieces.