Gold prices firmed up but silver prices retreated on heavy unwinding by stockists and speculators at the bullion market here today, following a steep fall in global markets.
In overseas trade, silver came under pressure in line with other industrial commodities where the prices crashed after hitting a three-decade high yesterday amid strengthening dollar valuations due to escalating violence in the Middle East.
Meanwhile, domestic gold firmed up further on local buying interest coupled with marriage seasonal offtake. Silver ready (.999 fineness) plunged by Rs 540 per kg to end at Rs 49,415 from Monday's closing level of Rs 49,955.
However, standard gold (99.5 per cent purity) gained by Rs 25 per 10 grams to finish at Rs 20,620 from Rs 20,595 yesterday.
Pure gold (99.9 per cent purity) also moved up by similar margin to settle at Rs 20,720 as compared to Rs 20,695 previously.
In Europe, spot gold was sold at bid price of $1,394.14 in early trade while silver was sold at $32.39 an ounce.