Mumbai , Oct 16 Silver prices declined sharply on the bullion market here today on emergence of heavy offerings by stockists amidst weak trend in overseas market.
Gold too failed to attract buyers on the eve of Diwali as existing prices kept the buyers at the bay. Overnight sharp fall in gold prices at New York also dampened the sentiment.
In New York, gold retreated from record levels on Thursday, after the US dollar rebound from a 14-month low against the Euro, reducing the precious metal&aposs appeal as a hedge.
December silver futures dropped by 49 cents, or 2.7 per cent to USD 17.41 an ounce
Gold futures for October delivery lost by USD 14.10 end at USD 1,05060 an ounce on the Comex division of the New York Mercantile Exchange.
In the local market, silver ready (.999 fineness) tumbled by Rs 325 per kilo to finish at Rs 27,475 from yesterday&aposs closing level of Rs 27,800.
Standard gold (99.5 purity) softened by Rs 20 per ten grams to end at Rs 15,800 from Rs 15,820 previously.
