"Spot gold for 24 karat in Delhi fell by Rs 51 with strength in rupee against the dollar," HDFC Securities Senior Analyst Tapan Patel said.
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Gold prices fell by Rs 51 to Rs 40,688 per 10 gram in the national capital on Wednesday on a stronger rupee and weakness in international market.
The precious metal had closed at Rs 40,739 per 10 gram in the previous session.
Silver also declined by Rs 472 to Rs 47,285 per kg from Rs 47,757 per kg on Tuesday.
"Spot gold for 24 karat in Delhi fell by Rs 51 with strength in rupee against the dollar," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
The rupee appreciated by 3 paise to 71.18 against the US dollar in early trade on Wednesday as easing crude oil prices and gains in domestic equity market lift investor sentiments.
"...spot international gold prices pared previous gains at COMEX declining below USD 1,560 to USD 1,555 per ounce for the day," Patel added.
While gold traded lower in the international market, silver was quoting almost flat at USD 17.80 per ounce.