Gold prices declined by Rs 270 to Rs 34,180 per 10 gram at the bullion market in the national capital, according to All India Sarafa Association.
Silver, however, gained Rs 120 to Rs 41,500 per kg on increased offtake by industrial units and coin makers.
Traders said, a weak trend overseas resulted in reduced buying by local jewellers which put pressure on the prices of the yellow metal.
Globally, gold traded lower at USD 1,303.94 an ounce, while silver was down at USD 15.63 an ounce in New York.
In the national capital, gold of 99.9 per cent and 99.5 per cent purities fell by Rs 270 each to Rs 34,180 and Rs 34,030 per 10 gram, respectively.
However, sovereign gold held steady at Rs 26,100 per piece of eight gram.