In line with a general weakening trend, silver declined by Rs 800 to Rs 56,500 per kg on reduced off-take by industrial units and coin makers. Silver coins followed suit and tumbled by Rs 1,500 to Rs 61,500 for buying and Rs 62,000 for selling of 100 pieces.
Traders said gold prices declined after the precious metal fell by USD 7.60 to USD 1,579.40 an ounce overseas. Local customers also refrained from buying at prevailing high levels, which further dampened the trading sentiment to some extend.
In addition, profit selling by speculators, who indulged in liquidating their positions, to cover heavy losses in other financial markets, led to the down fall in the metals' prices, traders said. In the global markets, silver also declined by 0.21 per cent to USD 38.11.
On the domestic front, gold of 99.9 and 99.5 per cent purity slipped by Rs 100 each to Rs 23,120 and Rs 23,000 per 10 grams, respectively. Sovereigns held steady at Rs 18,850 per piece of eight grams.
Similarly, silver ready dropped by Rs 800 to Rs 56,500 per kg and weekly-based delivery shed Rs 1,260 to Rs 56,700 per kg. The metal had gained Rs 2,300 in the previous session.