On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 319, or 0.78 per cent, to Rs 40,656 per 10 gram in a business turnover of 208 lots.
The yellow metal for April delivery slumped by Rs 346, or 0.84 per cent, to Rs 40,727 per 10 gram in 1,552 lots.
Analysts said subdued overseas cues influenced sentiments here.
Globally, gold was trading 0.81 per cent lower at USD 1,576.40 an ounce in New York. VHP SHW SHW