On the Multi Commodity Exchange, gold prices for delivery in February fell by Rs 355, or 0.86 per cent, to Rs 40,893 per 10 gram in a business turnover of 33 lots.
The yellow metal for April delivery slumped by Rs 189, or 0.46 per cent, to Rs 41,016 per 10 gram in 2,664 lots.
Analysts said subdued overseas cues influenced sentiments here.
Globally, gold was trading 0.17 per cent lower at USD 1,585.20 an ounce in New York. VHP SHW SHW