The yellow metal fell by Rs 115 to Rs 26,715 and silver lost Rs 400 to Rs 40,350 per kg.
The previous record of gold price was Rs 32,900, set on September 14.
Traders said reduced offtake by retail customers on sluggish demand at prevailing higher levels kept pressure on gold prices, while silver rose on fresh buying by industrial units and coin makers amid a firming global trend.
Globally, gold climbed 0.7 per cent to $1,161.85 an ounce in Singapore.
Silver staged a comeback by rising Rs 300 to Rs 36,800 per kg,
Gold prices rose by Rs 20 to Rs 27,050 per ten grams at the bullion market on Tuesday.
Globally, gold fell 0.2 per cent to $1,162.25 an ounce in Singapore.
Meanwhile, silver coins continued to be traded at previous level of Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.
Gold drops Rs 110 on macro factors.
Falling for the sixth straight day, gold prices drifted by another Rs 70 to trade at fresh two-month low of Rs 26,680 per ten grams at the bullion market on Friday, tracking a weak global trend amid slackened demand from jewellers and retailers.
Traders attributed persistent fall in gold prices to easing demand.
In Delhi, gold of 99.9 and 99.5 per cent purity gained Rs 110 each to Rs 27,210 and Rs 27,010 per 10 gram, respectively.
Gold prices recovered by Rs 20 to Rs 26,900 per ten grams at the bullion market in New Delhi on Thursday on the back of wedding season demand from jewellers and retailers even as the metal weakened overseas.
Traders said profit-selling by stockists at prevailing higher levels against sluggish demand mainly led to decline in gold prices.
Silver held steady at Rs 37,300 per kg.
Silver, however, ended steady at Rs 36,000 per kg.
Gold in New York, which normally determine a price trend on the domestic front, fell 0.40 per cent to $1,233.70 an ounce in Tuesday's trade.
On the domestic front, gold of 99.9 and 99.5 per cent purity shed Rs 30 each to Rs 30,700 and Rs 30,500 per 10 grams, respectively. It had lost Rs 330 in last two trades.
Traders said slackened demand from jewellers and retailers and absence of cues from the global markets as US market are closed today on account of 'Labor Day', kept pressure on gold prices.
The yellow metal has lost Rs 390 in last three days.
Silver coins shot up by Rs 1,000 to Rs 86,000 for buying and Rs 87,000 for selling of 100 pieces.
Silver also traded higher by Rs 250 to Rs 41,000 per kg on increased offtake by industrial units.
Gold prices fell by Rs 80 at Rs 27,150 per 10 grams at the bullion market on Wednesday.
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 declined by Rs 250 to Rs 35,400 per kg on reduced offtake by industrial units.
Silver also declined by Rs 100 to Rs 49,580 per kg on reduced offtake by industrial units.
Silver also rebounded by Rs 570 to Rs 38,100 per kg on increased offtake.
Silver also eased by Rs 50 to Rs 38,800 per kg.
Traders said apart from fall in demand from jewellers and retailers at prevailing levels, a weak trend overseas on expectations that US borrowing costs will increase mainly kept pressure on gold and silver prices.
In the national capital, gold of 99.9 and 99.5 per cent purity rebounded by Rs 320 each to Rs 31,820 and Rs 31,620 per ten grams, respectively.
Traders said fresh selling by stockists against slackened demand at current higher levels mainly led to fall in gold prices.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 290 each to Rs 30,310 and Rs 30,110 per ten grams, respectively.
Traders said sentiment in gold remained bearish as the metal extended a decline from the highest level in more than three months in global markets amid expectations that Federal Reserve minutes will show policy makers backing further stimulus cuts.
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Both gold and silver traded lower in Mumbai on fresh selling by stockists. Gold of 99.9 and 99.5 per cent purity fell by Rs 80 each to Rs 30,030 and Rs 29,880 per ten grams, respectively, while silver lost Rs 400 to Rs 45,250 per kg.
Gold in London, which normally sets price trend on the domestic front, fell by 0.1 per cent to $1,314.99 an ounce and silver by 0.3 per cent to $20.91 an ounce.
Traders said emergence of buying at prevailing lower levels by jewellers and retailers mainly supported the upside in prices of precious metals.
Globally, gold prices slipped by 0.26 per cent to $1,246.20 an ounce in early trade in London.
Traders said buying activity emerged for the ongoing marriage season as the metal remained weak in the previous session.
Gold fell by Rs 170 to Rs 31,680 per ten grams in the national capital on Monday on stockists selling on the back of sluggish demand amid weak global trend.
Traders said fresh buying by stockists for the ongoing marriage season mainly led to a recovery in gold and silver prices.
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