Silver also nosedived by Rs 570 to Rs 45,300 per kg on reduced offtake by jewellers and industrial units.
Traders said profit-selling by stockists at prevailing higher levels and sluggish local demand mainly pulled down both gold and silver prices.
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 500 each to Rs 31,100 and Rs 30,900 per ten grams, respectively. It had gained Rs 300 yesterday.
Sovereign followed suit and declined Rs 100 to Rs 25,200 per piece of eight gram.
In a similar fashion, silver ready plunged by Rs 570 to Rs 45,300 per kg and weekly-based delivery by Rs 575 to Rs 44,545 per kg. The white metal had gained Rs 270 in the previous session.
Silver coins also witnessed a huge decline of Rs 1,000 to Rs 83,000 for buying and Rs 84,000 for selling of 100 pieces.