Gold prices fell Rs 662 to Rs 50,338 per 10 gram in the national capital on Tuesday, according to HDFC Securities. In the previous trade, the precious metal had closed at Rs 51,000 per 10 gram.
Silver prices also declined Rs 1,431 to Rs 62,217 per kilogram from Rs 63,648 per kilogram in the previous trade.
"Correction in gold prices in India may attract festival buying ahead of auspicious 'Dhanteras'," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the international market, gold was trading in the green at USD 1,886 per ounce, while silver was quoting flat at USD 24.31 per ounce.
"Gold prices earlier witnessed sell-off on vaccine hopes. However, prices recovered today on supportive fundamentals with dovish stance from central banks amid slower economic growth and ongoing lockdown in Europe," Patel added.
(With Inputs from PTI)