Gold prices on Thursday fell to a month-long low and stood at Rs 47,799 per 10 grams at the MCX, much below the Rs 48,000-mark.
Silver also witnessed a significant fall as the July silver futures traded at Rs 70,332 a kilogram.
In the international market, gold prices slipped by more than one per cent on Wednesday after US Federal Reserve officials had indicated that interest rate hikes could take place in 2023, which is sooner than expected.
After a fall in the previous session to its lowest since May 6 at $1,803.79 per ounce, spot gold was slightly up 0.2 per cent. US gold futures were down at $1,816.90 per ounce.