Gold price in the national capital declined Rs 201 to Rs 55,994 per 10 gram on Thursday amid a fall in the precious metal's prices globally, according to HDFC Securities.
The yellow metal had closed at Rs 56,195 per 10 gram in the previous trade.
Silver also plummeted Rs 1,475 to Rs 69,286 per kilogram.
"Comex Spot gold prices traded lower in early Asian hours on Thursday on back of profit taking after recent rally," said an analyst at HDFC Securities.
In the overseas market, gold was trading in the red at USD 1,848 per ounce while silver was up at USD 24.45 per ounce.The US Fed meeting minutes showed that the members remained committed to 2 per cent inflation targets and agreed that a sustained period of restrictive policy would be needed to cool unacceptably high inflation, the analyst added.