Silver attempted a rebound on Wednesday after an over 8% plunge in the previous session prompted investors to buy in, although the social media-driven rally that started last week appears to have run out of steam.

Spot silver rose 0.7% to $26.80 an ounce by 0824 GMT.

Prices hit $30.03 on Monday, their highest since February 2013, after small investors responding to social media calls flooded the market in a GameStop-style squeeze.

"The (retail) frenzy is dead," Stephen Innes, chief global market strategist at financial services firm Axi said, adding the underlying demand for silver on the back of green energy drive will support prices.

Silver, both a safe-haven asset and an industrial metal, plunged over 8% on Tuesday after CME Group raised maintenance margins on silver futures by 17.9% on Monday, in a move aimed at reducing market volatility.

"(CME's intervention) is allowing the markets to breathe a lot more easier because that fear of retail flash mobs has diminished quite greatly," Innes added.

The buzz that started last Thursday saw silver dealers scramble to find supplies for retail buyers, while one billion ounces of silver was traded in London on Monday.

"Silver prices are now finding an equilibrium that better reflects supply-demand fundamentals, with the Wall Street Bets mania having simmered down," said FXTM market analyst Han Tan.

As global economy attempts a recovery, silver can showcase a more organic and orderly run-up to the psychologically-important $30 mark, he added.

Analysts expect some volatility to continue even though posts on the WallStreetBets Reddit forum, which sparked this retail rush, urged traders to stay away from silver.

Spot gold eased 0.1% to $1,835.60 per ounce. US gold futures added 0.2% to $1,836.80.

Platinum shed 0.2% at $1,092.52 and palladium fell 0.6% at $2,228.19.