Silver also dropped by a whopping Rs 1,350 to Rs 42,700 per kg on reduced offtake by industrial units and coin makers.
Traders said that a weak trend overseas and strength in the dollar against a basket of currencies on rising hopes of US rate hike this month, reduced the appeal of the precious metals.
Globally, gold fell 0.21 per cent to USD 1,231.40 an ounce in Singapore.
In the national capital, gold of 99.9 and 99.5 per cent purity tumbled by Rs 275 each to Rs 29,725 and Rs 29,575 per ten grams, respectively.
Also Read
Sovereign, however, remained steady at Rs 24,500 per piece of eight grams.
In step with gold, silver ready dropped by Rs 1,350 to Rs 42,700 per kg and weekly-based delivery by Rs 1,160 to Rs 42,160 per kg.
Silver coins too plummeted by Rs 1,000 to Rs 73,000 for buying and Rs 74,000 for selling of 100 pieces.
Disclaimer: No Business Standard Journalist was involved in creation of this content