Silver lost Rs 930 to quote at Rs 46,400 per kg on reduced offtake by jewellers and industrial units.
Traders said selling pressure gethered momentum after gold fell to one-week low in global markets.
Gold in New York, which normally sets price trend on the domestic front, dropped one per cent to 1,338.20 dollar an ounce and silver by 3 per cent to 20.92 dollar an ounce.
Shifting of funds from bullion to rising equities also influenced the sentiment to some extent, they said.
On the domestic front, gold of 99.9 and 99.5 per cent purity plunged by Rs 230 each to Rs 30,830 and Rs 30,630 per ten gram respectively. It had gained 240 yesterday. Sovereign remained steady at Rs 25,400 per piece of eight gram.
In a similar fashion, silver ready dropped by Rs 930 to Rs 46,400 per kg and weekly-based delivery by Rs 1,030 to Rs 46,200 per kg.
Silver coins continued to be asked at last level of Rs 87,000 for buying and Rs 88,000 for selling of 100 pieces.