Gold prices on Wednesday declined by Rs 50 to Rs 32,720 per 10 gram in the national capital on subdued demand from jewellers, according to the All India Sarafa Association.
Silver also declined by Rs 200 to Rs 38,225 per kg on reduced offtake by industrial units and coin makers.
Traders said easing demand from local jewellers and retailers at the domestic market led to a decline in gold prices.
Globally, spot gold was trading marginally higher at USD 1,274.20 an ounce, while silver was up at USD 14.93 an ounce in New York.
In the national capital, gold of 99.9 per cent and 99.5 per cent purity dropped Rs 50 to Rs 32,720 and Rs 32,550 per 10 gram, respectively.
However, sovereign gold held steady at Rs 26,400 per eight gram.
Silver ready fell Rs 200 to Rs 38,225 per kg, while weekly-based delivery slumped Rs 315 to Rs 37,005 per kg.
On the other hand, silver coins held flat at Rs 80,000 for buying and Rs 81,000 for selling of 100 pieces.