Silver also lost Rs 300 to Rs 61,500 per kg on lack of buying support from industrial units and coin makers.
Traders said limited purchases of the yellow metal at record high levels by stockists and retailers and weak cues from overseas market put pressure on gold's prices.
In New York, gold fell by USD 10.50 dollar to USD 1,724.80 an ounce, while silver shed 1.01 per cent to USD 33.34 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 32,450 and Rs 32,250 per 10 grams, respectively. The metal had climbed to an all-time high of Rs 32,500 yesterday.
Sovereign remained steady at Rs 25,500 per piece of eight grams in limited deals.
Silver ready fell by Rs 300 to Rs 61,500 per kg and weekly-based delivery by Rs 185 to Rs 64,045 per kg.
Silver coins continued to be asked around previous level of Rs 77,000 for buying and Rs 78,000 for selling of 100 pieces.
