Silver settled at Rs 37,280 per kg after firming up by Rs 230.
Traders said fall in demand from jewellers and a weak trend in overseas markets mainly led to the fall in gold prices.
Gold in global market that determine price trend on the domestic front was trading 0.32 per cent lower at $1,182.40 an ounce in London.
In the national capital, gold of 99.9 and 99.5 per cent purity were down by Rs 15 each to Rs 27,165 and Rs 27,015 per 10 grams respectively. It had gained Rs 105 on Monday.
Sovereign, however, continued to be asked at last level of Rs 23,300 per piece of eight gram.
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