Weak global cues weighed on the local bullion market, with both gold and silver losing major part of their overnight gains.
Lack of any major demand at higher levels also put pressure on the local bullion prices, a dealer said.
Standard gold (99.5 purity) dropped by Rs 120 to trade at Rs 30,550 per 10 grams at 1700hrs from Rs 30,670 yesterday, and pure gold (99.9 purity) also dipped by Rs 110 to Rs 30,700 from Rs 30,810 per 10 gms, as per Riddisiddhi Bullions Ltd.
Silver (.999 fineness) too tumbled by Rs 1,055 on short of demand from industrial users to Rs 47,815 from Rs 48,870 per kg, it added.
In the overseas market, gold for April delivery fell in electronic trade while silver also declined.