Elsewhere, silver also remained under intense selling pressure and plunged below the Rs 37,000 mark following heavy unwinding by speculators and savvy traders.
Standard gold (99.5 purity) slumped by Rs 185 to finish at Rs 26,165 per 10 grams from Thursday's level of Rs 26,350.
Pure gold (99.9 purity) also dropped by a similar margin to close at Rs 26,315 per 10 grams compared to Rs 26,500.
On the global front, the yellow metal drifted sharply due to a strong dollar and jittery investors ahead of the forthcoming Swiss referendum.
Spot gold traded lower at USD 1,183 an ounce in early European trades.
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