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