Gold and silver futures declined further in electronic trading on Thursday following a similar global trend.
Overseas gold was trading lower at US $1,658 an ounce.
Gold futures on MCX for February delivery was trading down by Rs 7 at Rs 30,691 per 10 grams. India, which is the biggest buyer of jewellery in the world may witness some buying due to dip in prices.
The metals declined globally on the concerns of the US fiscal cliff. If the outcome is positive, it will dampen the gold sentiment as investors may turn their focus on equities and dollar. Many analysts expect gold to see uptrend in coming year.
Meanwhile, Silver recovered from morning losses and was seen trading higher by Rs 157 at Rs 57,629 per kgs on the MCX.