Silver frenzy has cooled this week, after the metal hit a high of $54 an ounce on Oct. 17. (Image: Envato) Show Quick Read Summary is AI Generated. Newsroom Reviewed

Silver seems to be losing its shimmer after touching record high at Rs 1.70 lakh per kg on Oct. 17. The week has been chipping away at the white metal, tarnishing its glory with nearly 6% weekly plunge in silver rates at India's Multi Commodity Exchange.

Similarly, US spot silver has slumped 6.16% this week, after reaching a high of $54.49 a troy ounce on Oct. 17.

Spot silver's decline this week is on the lines of gold, with the slide linked to strong recovery in the dollar and easing safe haven buying, stated ICICI Securities in a note.

Silver's rise has been consistent for the past couple of months, and in the recen

See Full Page