"Spot gold of 24 karat in Delhi declined by Rs 128 with fall in global gold prices," HDFC Securities Senior Analyst (Commodities) Tapan Patel said.
In the previous trade, the precious metal had closed at Rs 41,276 per 10 gram.
Silver prices also declined by Rs 700 to Rs 46,360 per kg from Rs 47,060 per kg on Tuesday.
In the international market, both gold and silver were trading lower at USD 1,562.5 per ounce and USD 17.51 per ounce, respectively.
"Gold prices declined with strong equity indices," he added. SUM HRS