Silver also fell on speculative selling following reduced industrial off-take.
Standard gold (99.5 purity) slipped by Rs 135 to close at Rs 29,845 per 10 grams from Tuesday's closing level of Rs 29,980.
Pure gold (99.9 purity) slid by Rs 140 to finish at Rs 29,975 per 10 grams from Rs 30,115 previously.
Silver ready (.999 fineness) dipped by Rs 410 per kg to conclude at Rs 53,960 as against Rs 54,370 yesterday.
In New York, gold declined on investor wariness ahead of US and Europe's key monetary policy meetings.
Gold for August delivery fell by USD 9.20 to USD 1,610.50 an ounce on the Comex division of NYMEX late yesterday.
September silver contract was down by 12 cents to USD 27.91 an ounce.