Silver declined from its historic peak at the bullion market here today on bouts of profit taking by speculators and investors, ignoring the trends in the overseas market where the white metal was ruling at three-decade high.
Gold also also down on offering by stockists and subdued local buying interest at existing levels as well as lower jewellery off-take.
In global trade, the precious metals firmed up on renewed Eurozone debt concerns and escalating West Asia and North African crises which continued to support safe haven tag for the metals.
In the domestic market, silver ready (.999 fineness) slumped by Rs 280 per kg to end at Rs 56,585 from Thursday's closing level of Rs 56,865.
Standard gold (99.5 purity) dropped by Rs 125 per 10 gram to close at Rs 20,870 from Rs 20,995 yesterday.
Pure gold (99.9 purity) also fell by Rs 130 per 10 gram to finish at Rs 20,970 per 10 gram against previous closing level of Rs 21,100.
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In Europe, spot gold was bid at $1,433.30 an ounce in early trade as against $1,429.49 late in New York yesterday.
Silver was at $37.47 an ounce versus $37.12.