Gold Futures were trading marginally lower on the MCX with gold for December delivery at Rs 29,941, down Rs 178 over Tuesday's close.
Silver on the other hand was trading down by Rs 432 at Rs 49,520.
Gold and silver are likely to take cues from the US debt ceiling plans and move accordingly. Dealers say that any delay over the disagreement over the US debt ceiling plan, may see gold rallying in trade.
Gold has been trading in a tight range over the last few trading sessions in the absence of any major cues.