Silver also slipped on speculative selling and reduced industrial offtake.
Standard gold (99.5 purity) dropped by Rs 325 to end at Rs 30,500 per 10 grams from Thursday's closing level of Rs 30,825.
Pure gold (99.9 purity) also slumped by a similar margin to close at Rs 30,650 per 10 grams from Rs 30,975.
Silver ready (.999 fineness) shed Rs 400 to finish at Rs 44,450 per kg as compared to Rs 44,850 previously.
In London, spot gold was bid higher at USD 1,229.75 an ounce in early trade and silver bid up at USD 19.50 per ounce.