Mumbai, Dec 29 || Silver prices in global markets retreated sharply after touching fresh intraday records of $84 per ounce in the spot market on Monday.
The white metal slipped as much as 8 per cent from its peak due to strong profit booking, snapping what could have been a seventh consecutive day of gains.
March silver futures on MCX was trading up 4.22 per cent intraday (as of 10.10 am), at Rs 2,49,282 per kilogram. Globally, the futures had surged to an intraday high of $82.67 an ounce in early trade, up 7 per cent on top of the 11 per cent jump on Friday — the strongest single‑day gain since 2008.
At those price levels, silver was extending a rally that has eclipsed even the historic supply squeeze seen in October.
Analysts said that thin holiday trading amplified the sharp moves as subdued volumes exaggerated price swings. Tighter inventories and liquidity that can evaporate quickly is supporting the rally.