Though the day marked the auspicious occasion of ''Akshaya Tritiya'', token purchases in precious metals were reported at jewellery shops and even the prevailing low prices failed to enthuse the buyers.
Silver ready (.999 fineness) nosedived by a hefty Rs 4,350 per kg to end at Rs 54,305 from Thursday's closing level of Rs 58,655.
Standard gold (99.5 purity) plunged by Rs 220 per 10 grams to close at Rs 21,685 from closing level of Rs 21,905.
Pure gold (99.9 purity) slumped by Rs 225 per 10 grams to conclude at Rs 21,785 as against to Rs 22,010 yesterday.
Traders said now a days, new avenues are available in the market to invest in gold. Buying through exchange-traded funds (ETF) does not require physical possession of the metal.
In overseas market, gold and silver prices witnessed a heavy fall.
In New York, silver for July delivery declined by USD 3.15, or 8 per cent to USD 36.24 an ounce on the Comex division of NYMEX. Gold for June delivery retreated by USD 33.90, or 2.2 per cent to USD 1,481.40 an ounce.