Mumbai, April 12: The runaway rally in silver got halted at the bullion market here today on emergence of heavy unwinding by speculators and traders.
Gold also fell further on reduced local buying interest at its existing higher levels amidst bearish global market.
“The industrial metal, silver was sprinting for the past six consecutive days simultaneously breaking records purely on global bullishness, as valuation looks stretched at the moment. So profit-taking is bound to be expected,” traders said.
In overseas, gold declined for the second day over steadier dollar though nuclear crises in Japan served a modest safe-haven demand.
Silver ready (.999 fineness) tumbled by Rs 870 per kg to end at Rs 61,690 from Monday’s closing level of Rs 62,560.
Standard gold (99.5 purity) moved down by Rs 35 per 10 grams to finish at Rs 21,180 from Rs 21,215 yesterday.
Pure gold (99.
-Agencies