Gold in the national capital declined Rs 231 to Rs 48,421 per 10 gram on Wednesday, according to HDFC Securities.
In the previous trade, the precious metal had closed at Rs 48,652 per 10 gram. Silver also dipped Rs 256 to Rs 65,614 per kilogram from Rs 65,870 per kilogram in the previous trade.
The rupee appreciated 8 paise to 72.86 against the US dollar in opening trade on Wednesday.
In the international market, both gold and silver were trading flat at USD 1,850.5 per ounce and USD 25.41 per ounce.
According to Navneet Damani, VP – Commodities Research, Motilal Oswal Financial Services, "Gold prices held steady ahead of the US Federal Reserve's monetary policy decision due later in the day and as investors awaited a stimulus package in the world's largest economy."