Data from the All India Sarafa Association showed that silver surged Rs 24,000, or 9.23 per cent, to settle at Rs 2,84,000 per kg, inclusive of taxes. The metal had finished at Rs 2,60,000 per kg in the previous session after suffering a steep decline of Rs 52,000.
The rebound followed a heavy sell-off over the past three days, during which silver prices tumbled by Rs 1,44,500, or nearly 36 per cent, from the record peak of Rs 4,04,500 per kg recorded on January 29.
Gold of 99.9 per cent purity also staged a recovery, climbing Rs 5,000, or 3.3 per cent, to Rs 1,57,700 per 10 grams from Monday’s close of Rs 1,52,700 per 10 grams, according to the association.
The precious metal had earlier dropped Rs 30,300, or close to 17 per cent, from its all-time high of Rs 1,83,000 per 10 grams touched on January 29, as investors engaged in profit booking following a strong rally.