The yellow metal has lost 1,565 rupees in the past five trading sessions, and has reached to the level last seen on November 3.
But, silver rose 500 rupees, to 53,100 rupees per kilo on fresh buying by industrial units and jewelers.
In global markets, gold fell 5.90 dollars, to 1,570 dollars an ounce in New York last night.
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Marketmen said investors were expecting RBI to lower it from 6 per cent to infuse liquidity in the market.
“Growth is clearly decelerating. This reflects the combined impact of several factors — the uncertain global environment, the cumulative impact of past monetary policy tightening and domestic policy uncertainties,” the RBI said in monetary policy review.
After raising lending rates 13 times since March 2010 to tame inflation, RBI finally put a pause on the hike which was a market positive, they added.
Reliance Industries, Sensex heavyweight, lost 3.43 per cent and L&T, 5.33 per cent.
State Bank of India was down 3.67 per cent and Sterlite Industries, 4.28 per cent.
Others losers included BHEL, Coal India, DLF, HDFC Bank, Hero MotoCorp, ICICI Bank, TCS, Tata Steel and Tata Power.
All the 13 sectoral indices ended with losses of up to 4.36 per cent, while 27 of the 30 Sensex stocks closed with losses.