July silver (SIN3) lost 4 cents, or 0.2%, to 19.46 an ounce Tuesday, after plunging 47 cents Monday

Looking to the shorter term, GFT Markets technical analyst Fawad Razaqzada said the metals appeared set for more downside.

"Neither gold, nor silver are displaying any characteristics of safe-haven assets at the moment, which is surprising given the extent of equities' slump in recent weeks. This could well encourage any remaining hopefuls to dump their long positions, and thus cause prices to fall further," he wrote.

In other metal-futures trade, July copper (HGN3) took a 3-cent hit, losing 1% to sit at the psychologically important $3.00-a-pound level.

Platinum-group metals performed better, however, with July platinum (PLN3) rising $1, or 0.1%, to 1,330.10 an ounce, while September palladium (PAU3) improved by $4.85, or 0.7%, to $662.50 an ounce.