Silver also dropped following sustained speculative selling on the back of weak industrial demand.
Opening after two-day festive holidays, the precious metals saw consistent profit taking.
Standard gold (99.5 purity) dipped by Rs 235 per 10 grams to close at Rs 31,540 from Tuesday's closing level of Rs 31,775.
Pure gold (99.9 purity) slid by Rs 250 per 10 grams to end at Rs 31,675 from Rs 31,925.
Silver ready (.999 fineness) slumped by Rs 445 per kg to finish at Rs 61,640 as against Rs 62,085 previously.
In Europe, gold declined on investor selling amid lower equities and continued uncertainty over global economic growth as well US fiscal worries.
Spot gold bid lower at USD 1,706.56 an ounce in early trade and silver was bid down at USD 32.23 an ounce.
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