Silver continued its downward streak for the fifth straight day by falling below the Rs 60,000-a-kg mark on Thursday due to heavy sell-off by speculators, amid a weakening global trend. On Thursday, in Mumbai spot market, silver lost Rs 3,860 to close at Rs 58,655 a kg, 22 per cent lower to its all-time high of Rs 75,020 a kg on April 25.
Apart from profit booking by the fund houses and successive margin hikes by Chicago Mercantile Exchange (CME), the sharp fall in prices has been attributed to heavy profit booking in silver when the white metal reached all-time high of $49.8 at COMEX market.
Apart from profit booking by the fund houses and successive margin hikes by Chicago Mercantile Exchange (CME), the sharp fall in prices has been attributed to heavy profit booking in silver when the white metal reached all-time high of $49.8 at COMEX market.
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