Gold declined by Rs 170 to Rs 22,700 per 10 grams, while silver shed Rs 800 to Rs 57,500 per kg on Wednesday on sluggish demand at existing high levels against brisk selling in tandem with a weak overseas trend.
Trading sentiments turned bearish after gold shed 0.4 per cent to $1,529.85 an once from $1,540.78 on Tuesday, the highest level since May 4, in the global markets, as investor concern eased that Greece may become the first euro country to default, paring demand for the precious metal as a haven.
The white metal also weakened by one per cent to $38.12 an ounce.
Additionally, fall in domestic demand at existing high levels also dampened the trading sentiment.
On the domestic front, silver ready fell by Rs 800 to Rs 57,500 per kg. It had gained Rs 1,050
Silver-weekly-based delivery followed suit and lost Rs 810 to Rs 57,490 per kg, after gaining Rs 1,050 in the previous session.
However, silver coins remained in demand and advanced by Rs 500 to Rs 65,500 for buying and Rs 66,500 for selling of 100 pieces.
In line with the general weakening trend, the gold of 99.9 and 99.5 per cent purity tumbled by Rs 170 each to Rs 22,700 and Rs 22,580 per 10 grams, respectively.
Sovereign remained steady at Rs 18,700 per piece of eight grams.
