On the other hand, gold held steady at Rs 29,700 per 10 grams in scattered deals after three days of gains, even as it weakened overseas.
Traders attributed the slide in silver prices to a reduced offtake by industrial units and coin makers at the local spot market along with a weak trend overseas.
Globally, gold fell 0.38 per cent to USD 1,199.40 an ounce and silver by 0.91 per cent to USD 16.87 an ounce in Singapore.
In the national capital, silver ready declined by Rs 150 to Rs 41,550 per kg and weekly-based delivery shed Rs 195 at Rs 41,400 per kg.
Silver coins, however, continued to be traded at the previous level of Rs 72,000 for buying and Rs 73,000 for selling of 100 pieces.
On the other hand, gold of 99.9 per cent and 99.5 per cent purity, ruled flat at Rs 29,700 and Rs 29,550 per 10 grams, respectively. It had gained Rs 350 in the previous three days.
Sovereign, however, remained steady at Rs 24,300 per piece of eight grams.