Gold tumbled from record high to Rs 22,840 per 10 grams, losing Rs 335 today due to heavy offloading by speculators, driven by a weakening global trend.
Silver also shed Rs 3,700 to Rs 67,800 per kg on poor offtake by industrial units.
Silver coins also plunged by Rs 4,500 to Rs 72,500 for buying and Rs 73,500 for selling of 100 pieces.
Traders said selling pressure gathered momentum following reports that silver futures plunged by 13 per cent in Asian region, the biggest intra-day drop since October 2008, as CME Group raised the amount of cash that traders must deposit for speculative positions.
Fall in demand at existing high levels also dampened the trading sentiments, they added.
Gold in global markets, which normally sets price trend on the domestic front, shed $9.30 to $1,556.40 and silver dipped by 5.38 per cent to $45.36