Silver plummeted to nearly three-months lows and fell below the Rs 45,000 per kg level following heavy speculative unwinding coupled with sluggish industrial demand.
Standard gold (99.5 purity) moved down by Rs 15 to finish at Rs 30,490 per 10 grams from Monday's closing level of Rs 30,505.
Pure gold (99.9 purity) edged down by Rs 20 to close at Rs 30,635 per 10 grams from Rs 30,655.
Silver ready (.999 fineness) slumped by Rs 835 to end at Rs 44,290 per kg as against Rs 45,125 yesterday.
In overseas markets, gold prices held near their lowest after US data fuelled expectations that the Federal Reserve is set to taper its monetary stimulus, further dampening investment interest in the yellow metal.
In London, spot gold traded near five-month low at USD 1,219.76 an ounce in early trade. Silver was also down at USD 19.13 an ounce.