With a hefty fall of Rs 190, the gold lost about Rs 610 in last three days on emergence of selling by speculators and stockists in line with a falling trend on the overseas front.
Gold fell for a third day in Asia as investors sold the metal, betting a rally to a 24-year high was overdone and on speculation demand will slow from Japan. Gold for immediate delivery fell by $3.60 dollar to $502.90.
It has jumped 8.5 per cent since October. Japanese traders sold the metal after the exchange raised minimum deposits, or margins, for trades to curb speculation.
Gold for immediate delivery reached $541 an ounce on December 12, the highest since January 1981.
The domestic bullion market, which normally move with the international trend, turned equally weak and last three days maintained a downward walk.
Standard gold and ornaments fell further by Rs 190 each at Rs 7,540 and Rs 7,390 per ten gram respectively.
Sovereign was also lower by Rs 25 at Rs 5,975 per piece of eight gram. While silver ready was unaltered at Rs 12,600 per kilo, the weekly-based silver lost major ground on nervous selling by speculators and ended lower by Rs 870 at Rs 12,600 per kilo.
Silver coins were unchanged at Rs 16,900 for buying and Rs 17,000 for selling of 100 pieces.