Traders said besides sustained selling by stockists against subdued demand, strengthening rupee led to persistent fall in prices.
Traders said reduced offtake by retailers and stockists at prevailing higher levels mainly kept pressure on gold and silver prices.
Increased demand from oil importers for the American currency kept pressure on the rupee
The US and European Union on Monday announced a round of sanctions against Russian officials.
After losing Rs 730 in last six sessions after the Reserve Bank of India eased imports curbs by scrapping 80:20 scheme, gold staged a strong comeback by rising Rs 840 to close at Rs 27,040 per ten grams, a level last seen on October 30.
Gold plunged by Rs 120 to Rs 30,810 per ten gram, while silver lost Rs 280 to Rs 49,670 per kg on falling demand among industrial units and coin makers.
In Hong Kong market, the dollar fell against Japanese yen in early trade after the release of a set of stronger- than-expected economic data.
India is the largest importer of gold after China.
Praising Prime Minister Narendra Modi for successfully carrying out the Yoga Day celebrations in Delhi, ally Shiv Sena today said 'commodifying' Yoga will not harm the ancient practice, instead it will increase tourism and generate employment.
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