MUMBAI: Silver prices retreated from its overnight record peak at the bullion market here today on emergence of fresh speculative sell-off despite higher overseas markets. Gold also declined owing poor local buying interest coupled with subdued jewellery offtake. Silver ready (.999 fineness) slumped by Rs 255 per kg to end at Rs 47,305 from Monday's closing level of Rs 47,560. Standard gold (99.5 per cent purity) went down by Rs 50 per 10 grams to close at Rs 20,630 from Rs 20,680 yesterday. Pure gold (99.9 per cent purity) fell by a similar margin to finish at Rs 20,730 per 10 grams as against 20,780 in the previous session. In Europe , gold eased on strong dollar amid euro zone worries. Spot gold was bid at USD 1,405.80 an ounce in early trade as against USD 1,414.00 late in New York yesterday. Spot silver was bid at USD 30.69 an ounce as against USD 30.66.

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