However, silver managed to close steady at Rs 44,800 per kg on scattered buying support.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 30,025 and Rs 29,875 per ten grams, respectively; while silver enquired at Rs 45,500 per kg.
Traders said slackness in demand from retailers and jewellers at current levels mainly led to decline in gold prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 15 each to Rs 30,200 and Rs 30,000 per ten gram, respectively. It had gained Rs 215 in the last three sessions. Sovereign held steady at Rs 25,100 per piece of eight gram.
Silver ready too held steady at Rs 44,800 per kg, while weekly-based delivery by Rs 35 to Rs 44,765 per kg. Silver coins continued to trade at last level of Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.