Silver tumbled by a whopping Rs 5,500 to Rs 59,000 per kg on Friday, its second biggest fall in three months, due to slackened demand at prevailing high levels amid a bearish global trend.
The white metal had fallen by Rs 6,000 to Rs 53,200 per kg on May 6 earlier this year.
Gold also fell by Rs 300 to Rs 28,040 per 10 grams on sustained offloading of positions by stockists.
Selling pressure gathered momentum after gold headed for its worst weekly performance in more than four months in global markets as investors sold the metal, amid melting equities and other commodities, fearing the world economy might slow down, traders said.
In global markets, silver fell by 5.47% to $33.88 an ounce and gold shed 0.5% to $1,730.70 an ounce in London.
On the domestic front, retail customers refrained from purchasing precious metals due to the ongoing 'shradh' fortnight, considered inauspicious by Hindus for making fresh purchases, they added.
Gold of 99.9 and 99.5% purity tumbled by Rs 300 each to Rs 28,040 and Rs 27,890 per 10 grams, respectively. The metal had lost Rs 160 yesterday. However, sovereigns ended flat at Rs 22,700 per piece of eight grams.
Similarly, silver ready plunged by Rs 5,500 to Rs 59,000 per kg and weekly-based delivery by Rs 5,535 to Rs 58,765 per kg. Silver coins dipped by Rs 6,500 to Rs 65,500 for buying and Rs 66,000 for selling of 100 pieces.