Snapping its six-day long winning run, silver prices retreated from 28-month high by falling Rs. 1,065 to Rs. 46,650 per kg at the bullion market on Tuesday, tracking a weak trend overseas amid reduced offtake by industrial units at the domestic market.
However, gold held steady in scattered deals despite a weak trend in global markets.
Bullion traders said sentiment turned bearish after a weak trajectory in global markets as the dollar snapped five days of losses, eroding demand for a safe haven.
Globally, silver slumped 3.9 per cent to $19.53 an ounce and gold dropped 0.6 per cent to $1,342.91 an ounce in Singapore.
Moreover, reduced offtake by industrial users and coin makers at existing levels, weighed on the silver prices, they said.
Besides, profit-booking by speculators after recent gains, too fuelled the downtrend in silver, they added.
In the national capital, silver ready cracked the crucial Rs. 47,000-mark by falling Rs. 1,065 to Rs. 46,650 per kg. It had risen by Rs. 5,615 in the previous six sessions. Silver weekly-based delivery lost Rs. 500 at Rs. 46,300 per kg.
Its coins also dropped by Rs. 2,000 to Rs. 74,000 for buying and Rs. 75,000 for selling of 100 pieces.
On the other hand, gold of 99.9 and 99.5 per cent purity held steady at Rs. 30,650 and Rs. 30,500 per ten grams, respectively on scattered buying by jewellers.
Sovereign followed suit and settled flat at Rs. 23,400 per piece of eight grams.
