Both the precious metals, silver and gold fell from record high levels on Tuesday, due to profit selling by stockists influenced by weak global trends. While silver fell by Rs. 950 to Rs. 53,500 per kg, gold declined by Rs. 150 to Rs. 21,270 per 10 grams.
Trading sentiments turned bearish as retail customers refrained from purchasing at existing high levels and investors shifted their funds to improving equity markets.
Gold fell in Asian markets on a rally to record prices, driven by the escalating turmoil in Libya and rising inflation prompted some investors to lock in gains.
Gold in the Asian region fell 0.4 per cent to $ 1,426.28 an ounce and silver by 0.7 per cent to $ 35.68 an ounce.
On the domestic front, gold of 99.9 and 99.5 per cent purity fell by Rs. 150 each to Rs. 21,270 and Rs. 21,150 per 10 grams, respectively. Sovereign held steady at Rs. 17,500 per piece of eight grams.
Silver ready also dropped by Rs. 950 to Rs. 53,500 per kg and weekly-based delivery by Rs. 53,200 per kg.
Silver coins too plunged by Rs. 700 to Rs. 58,000 for buying and Rs. 58,500 for selling of 100 pieces.