Silver slipped Rs 425 per kg on speculative selling following subdued offtake by industrial units.
Standard gold (99.5 purity) eased by Rs 5 to close at Rs 31,445 per 10 grams from Tuesday's level of Rs 31,450.
Pure gold (99.9 purity) also moved down by a similar margin to finish at Rs 31,595 per 10 grams as against Rs 31,600 yesterday.
Silver (.999 fineness) dropped by Rs 425 to conclude at Rs 45,225 as compared to Rs 45,650 previously.
Spot gold was at USD 1,337.06 an ounce in early trade, little changed from USD 1,337.35 an ounce late on Tuesday.
Spot silver was up 0.5 percent at USD 18.88, off a more than seven-week low of USD 18.77 touched on Monday.