Silver prices also lost Rs 420 to Rs 44,700 per kg on reduced offtake by jewellers and industrial units.
In Mumbai, gold of 99.9 and 99.5 per cent purity traded at Rs 29,915 and Rs 29,765 per ten gram, while silver enquired at Rs 45,450 per kg.
Traders said stockists selling in tandem with a weak global trend amid speculation that the US Federal Reserve will continue reducing asset purchases mainly pulled down both gold and silver prices.
Gold in Singapore, which normally sets price trend on the domestic front, fell by 0.5 per cent to USD 1,239 an ounce, and silver by 0.3 per cent to USD 20.19 an ounce.
Weak trend at futures market too influenced the precious metal prices, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 365 each to Rs 30,035 and Rs 29,835 per ten gram, respectively. Sovereign followed suit and declined by Rs 100 to Rs 25,000 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 420 to Rs 44,700 per kg and weekly-based delivery by Rs 450 to Rs 44,670 per kg. Silver coins, however, held steady at Rs 85,000 for buying and Rs 86,000 for selling of 100 pieces.