The industrial metal, silver also drifted to close below Rs 45,000 per kg mark due to heavy unwinding by speculators coupled with subdued industrial off-take.
Standard gold (99.5 purity) slumped by Rs 190 to finish at Rs 27,790 per 10 grams compared to Tuesday's level of Rs 27,980.
Pure gold (99.9 purity) also shed by a similar margin to end at Rs 27,935 per 10 grams from Rs 28,125 previously.
Silver (.999 fineness) skidded by Rs 195 to conclude at Rs 44,965 per kg as against Rs 45,160 per kg yesterday.
Spot gold was trading almost flat at USD 1,299 an ounce in early European trade.