Gold declined by Rs 120 to Rs 30,080 per 10 grams in the bullion market here on Wednesday on fall in demand at existing higher levels amid a weak global trend, while silver held steady at Rs 53,500 per kg.
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Traders said sentiment in gold turned bearish as investors diverted funds to rising equity markets.
A weak global trend where the precious metal fell as stronger dollar curbed demand for the metal as an alternative investment also influenced the prices, they added.
In London, gold fell 0.3 per cent to $1,607.95 an ounce.
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On the domestic front, gold of 99.9 and 99.5 per cent purity tumbled by Rs 120 each to Rs 30,080 and Rs 29,880 per 10 grams.
Silver ready also closed flat at Rs 53,500 per kg, while weekly-based delivery lost Rs 125 at Rs 53,245 per kg on lack of buying support from speculators.
Silver coins continued to be asked around previous level of Rs 62,000 for buying and Rs 63,000 for selling of 100 pieces.