Silver continued to slide for the third straight day by losing Rs. 2,000 to Rs. 54,000 per kg today on stockists selling amid reduced off-take by industrial units in tandem with a weakening global trend.
Gold also declined by Rs. 150 to Rs. 22,670 per 10 grams due to fall in local demand at prevailing high levels and weak overseas cues.
However, silver coins attracted selective buying in view of the ongoing marriage season and surged by Rs. 6,000 to Rs. 67,000 for buying and Rs. 68,000 for selling of 100 pieces.
Analysts said trading sentiments turned bearish as precious metals declined in London on speculation that some investors will sell the metal after prices climbed near record level.
Gold in global markets, which normally sets a price trend on the domestic front, fell by $ 2 to $ 1,531.57 an ounce and silver declined by 1.5 per cent to $ 35.63 an ounce.
On the domestic front, silver ready remained under selling pressure and tumbled by Rs. 2,000 to Rs. 54,000 per kg, and weekly-based delivery shed Rs. 2,350 to Rs. 53,650 per kg.
The white metal lost Rs. 2,300 during the last two trading sessions.
In line with a general weakening trend, the gold of 99.9 and 99.5 per cent purity fell by Rs. 150 each to Rs. 22,670 and Rs. 22,550 per 10 grams, respectively. The yellow metal had gained Rs. 120 yesterday.
Sovereigns remained flat at Rs. 18,700 per piece of eight grams.