New Delhi: Both the precious metals, gold and silver, declined on Wednesday on the bullion market despite a firming global trend. While gold lost Rs 25 to Rs 23,475 per 10 grams, silver slipped by Rs 265 to Rs 59,600 per kg.

Traders said sluggish demand at prevailing high levels along with profit-booking by speculators at prevailing high levels led to the fall in precious metals' prices.

A firming overseas trend, which normally sets the price trend on the domestic front, failed to check the fall in prices, they added.

On the domestic front, gold of 99.9 and 99.5 percent purity fell further by Rs 25 each to Rs 23,475 and Rs 23,355 per 10 grams, respectively. The yellow metal had lost Rs 120 on Tuesday.

Sovereigns remained steady at Rs 18,950 per piece of eight grams on limited deals.

In line with a general weakening trend, silver ready declined by Rs 265 to Rs 59,600 per kg. On the other hand silver weekly-based delivery shot up by Rs 1,050 to Rs 60,150 per kg on speculative buying.

Silver coins continued to be asked at previous level of Rs 65,000 for buying and Rs 66,000 for selling of 100 pieces.