While gold declined by Rs 50 to Rs 28,750 per ten grams, silver dipped by Rs 25 to Rs 42,075 per kg on lack of buying support.
Traders said sluggish demand at prevailing higher levels mainly led to decline in gold and silver prices.
Gold of 99.9 and 99.5 per cent purity declined by Rs 50 to Rs 28,750 and Rs 28,550 per ten grams, respectively. The yellow metal had climbed by Rs 450 in the previous session.
Sovereign remained steady at Rs 24,400 per piece of eight gram in limited deals.
Meanwhile, silver coins continued to be asked around previous level of Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces in the absence of buying support.