Lack of buying interest from retail consumers and investors due to sluggish global market conditions primarily kept pressure on gold prices, a trader said.
Silver gained marginally on stray demand from industrial users.
Meanwhile, Union Finance Minister P Chidambaram said the government will review the decision on gold import curbs after getting final figures of the current account deficit (CAD).
Standard gold (99.5 purity) dropped by Rs 121 to quote at Rs 30,337 per 10 grams at 1700 hrs from Tuesday's level of Rs 30,458.
Pure gold (99.9 purity) also shed Rs 130 to Rs 30,428 per 10 grams against Rs 30,558 previously, according to Riddisiddhi Bullions Ltd.
Silver (.999 fineness), however looked up by Rs 8 to Rs 46,960 per kg at 1700 hrs from Rs 46,952 yesterday.
Globally, the yellow-metal remained under immense selling pressure as safe-haven demand cooled on easing fears of military action by Russia in Ukraine as well as investors' caution ahead of key US data release later in the day.
Spot gold was bid down at USD 1,333.80 an ounce in early European trade, while silver rose to USD 21.22 an ounce.