Sovereign gold also declined by Rs 100 to Rs 26,800 per eight grams.

Gold prices plunged by Rs 300 to Rs 34,170 per 10 grams on Wednesday, reported news agency Press Trust of India (PTI) quoting the All India Sarafa Association. Silver also followed suit and plummeted by Rs 500 to Rs 38,700 per kg due to reduced offtake by industrial units and coin makers. Gold prices fell on weak demand from local jewellers and subdued global trend, said the report citing traders. In Delhi, gold of 99.9 per cent and 99.5 per cent purity plummeted Rs 300 each to Rs 34,170 and Rs 34,000 per 10 grams, respectively. Sovereign gold also declined by Rs 100 to Rs 26,800 per eight grams.

Here are five things to know about gold and silver prices today:

1. Globally, gold fell more than 1 per cent on Wednesday, retreating from a 6-year peak scaled in the previous session, on signs the US Federal Reserve will not resort to aggressive interest rate cuts in July, reported news agency Reuters.

2. Spot gold was down 1.1 per cent at $1,407.80 per ounce in intraday trade, on track to snap a six-session long winning streak. Gold prices hit their highest since May 14, 2013, at $1,438.63 on Tuesday. US gold futures fell 0.6 per cent to $1,410.60.

3. "Bullion prices traded lower with international spot gold prices falling below $1,410 with recovery in dollar index post Fed officials comments. The less aggressive signal for rate cut prompted profit booking in gold prices from six-years highs," Press Trust of India quoted Tapan Patel, senior analyst (commodities), HDFC Securities, as saying.

4. The G-20 summit this weekend would be of interest as the US and China would be having talks to possibly sort out the trade issues which have been instrumental in the eruption of the trade war between these two nations, CARE ratings said in a note.

5. Silver ready prices fell by Rs 500 to Rs 38,700 kg, while weekly-based delivery dropped Rs 399 to Rs 37,734 per kg. On the other hand, silver coins held flat at Rs 81,000 for buying and Rs 82,000 for selling of 100 pieces.

(With agency inputs)