In the previous trade, the metal had closed at Rs 48,182 per 10 gram.
Silver also tumbled Rs 3,097 to Rs 70,122 per kilogram from Rs 73,219 per kilogram in the previous trade.
In the international market, gold traded lower at USD 1,847 per ounce and silver also dipped to USD 27.50 per ounce.
“Gold prices declined on lack of progress over the US stimulus package and in absence of fresh triggers. Traders and investors also rushed to book some profits,” according to HDFC Securities, Senior Analyst (Commodities), Tapan Patel.
Navneet Damani, VP – Commodities Research,
said, investors are witnessing some profit-booking from the highs, after yesterday’s Union Budget’s duty cut announcement.