Silver moved down by Rs 500 to Rs 54,700 per kg, while gold declined by Rs 130 to Rs 22,680 per 10 grams Wednesday in India on reduced offtake at existing high levels amid a weakening global trend.
Silver coins followed suit and declined by Rs 1,000 to Rs 60,000 for buying and Rs 61,000 for selling of 100 pieces.
Trading sentiments turned bearish after gold shed 0.4 per cent to USD 1,538.50 an ounce in the overseas markets, as European debt concerns eased, eroding the appeal of the precious metal as a safe haven asset. The white metal also declined by 1.2 per cent to USD 36.70 an ounce.
Additionally, the market activity declined as retailers and stockists refrained from buying at existing high levels.
On the domestic front, the gold of 99.9 and 99.5 per cent purity fell by Rs 130 each to Rs 22,680 and Rs 22,560 per 10 grams, respectively.
Sovereigns remained stable at Rs 18,700 per piece of eight grams.
In line with a general weakening global trend, silver ready dropped by Rs 500 to Rs 54,700 per kg and weekly-based delivery by Rs 540 to Rs 54,650 per kg.