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Gold prices fell by Rs 50 to Rs 27,800 per ten grams in special Diwali trading in New Delhi on Thursday largely in tandem with a weakening global trend.
Silver also dropped by Rs 665 to Rs 38,235 per kg on reduced offtake by industrial units.
Traders attributed the fall in prices to a weakening global trend as signs of economic growth in China and Europe curbed the demand for the precious metals.
They said, however, token buying activity on the auspicious occasion of Diwali and to mark the beginning of Hindu Samvat Year 2071 restricted the fall.
Gold of 99.9 and 99.5 per cent purity declined by Rs 50 each to Rs 27,800 and Rs 27,600 per ten grams respectively, while sovereign held steady at Rs 24,300 per piece of eight gram.
Globally, gold prices, which determine rates on the domestic markets, were down 0.20 per cent at $1,239.16 an ounce in London.
In a similar fashion, silver ready plunged by Rs 665 to Rs 38,235 per kg and weekly-based delivery by Rs 300 to Rs 38,000 per kg.
Silver coins also plummeted by Rs 1,000 to Rs 68,000 for buying and Rs 69,000 for selling of 100 pieces due to slowdown in festive demand.