Silver also dropped following hectic speculative selling and lower industrial demand.
Standard gold (99.5 purity) slid by Rs 225 to finish at Rs 28,420 per 10 grams from yesterday's closing level of Rs 28,645.
Pure gold (99.9 purity) also fell to end at Rs 28,570 per 10 grams as compared to Rs 28,795 earlier.
Silver (.999 fineness) also dipped by Rs 275 per kg to finish at Rs 37,240 from Rs 37,515 yesterday.
Spot gold was at USD 1,201.69 an ounce in early trade, up 0.1 percent but off an earlier high of USD 1,212.20. US gold futures for April delivery were down 0.5 percent at USD 1,202.40.
Silver was down 0.1 percent at USD 15.19 an ounce.
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