Silver also declined on slow offtake by industrial units.
Standard gold (99.5 purity) dropped by Rs 130 to close at Rs 29,445 per 10 grams from Wednesday's level of Rs 29,575.
Pure gold (99.9 purity) also dipped by a similar margin to finish at Rs 29,595 per 10 grams compared Rs 29,725 yesterday.
Silver (.999 fineness) fell by Rs 130 per kg to end at Rs 39,595 as compared to Rs 39,725 previously.
Globally, gold prices were steady as investors weighed the impact of an expected rise US interest rates against uncertainty about the direction of US fiscal policy.
In other precious metals, silver gained 0.4 per cent at USD 17 per ounce.
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