Analysts attributed the fall in gold prices to trimming of positions by participants.
Gold prices fell by Rs 352 to Rs 46,951 per 10 gram in futures trade on Wednesday as speculators reduced their positions amid low demand.
On the Multi Commodity Exchange, gold contracts for June delivery traded lower by Rs 352, or 0.74 percent, at Rs 46,951 per 10 gram in a business turnover of 10,849 lots.
Globally, gold traded 0.60 percent lower at $1,768.10 an ounce in New York.
Ravindra Rao, CMT , EPAT, VP-Head Commodity Research, Kotak Securities Ltd. said for the fourth straight session bear strength was seen in MCX Gold as the price fell from recent highs. "We maintain that although the short-term trend is positive, some more corrective move is possible. Resistance for the day is pegged at 47,500 and strong resistance near 47,800. RSI has moved below 50 indicating bear strength. Support is near 47,080 and strong support is close to 46,900. For the day, we expect price to trade with a negative bias until 47,800 holds. Immediate downside objective would be 47,080 followed by 46,900. Only a break above 47,800 might once again give bulls the edge to take it past 48,400," Rao said.