Silver prices tumbled at the bullion market in Mumbai on Tuesday due to hectic offloading by stockists and speculators amidst lower industrial support on the back of bearish global markets.

Gold also fell on profit booking at the existing higher levels and subdued local buying interest.

In overseas, the precious metals slid, caught in a broad- based commodity sell-off by investors on worries over Japan’s devastating earth quake resulting in rising nuclear crises that may hit global economic recovery.

In the domestic market, silver ready (.999 fineness) plunged by a whopping Rs 1,160 per kg to settle at Rs 53,630 from Monday’s closing level of Rs 54,790.

Standard gold (99.5 purity) dropped by Rs 170 per 10 grams to end at Rs 20,760 overnight closing level of Rs 20,930.

Pure gold (99.9 purity) also dipped by Rs 165 per 10 grams to conclude at Rs 20,865 as compared to Rs 21,030 on Monday.

In Europe, Spot gold was bid 1.2 per cent lower at USD 1,409.05 an ounce in early trade. While silver was down at USD 34.83 an ounce.