MCX Gold (Dec) futures were trading 0.12% lower at Rs 38,355/10g. MCX Silver (Dec) was down by Rs233 to Rs45,406/kg, mainly due to profit booking.
India's central bank maintained an accomodative stance and said that it would continue to do so until growth is back on track and until inflation remains below the 4% target.
Globally, gold prices dipped, however, remained above $1,510/ounce on weak US economic data and recession fears.
The protracted trade war between the US and China has also kept investors on edge and the yellow metal in demand.