Silver futures retreat from record highs

Silver prices retreated sharply after hitting a record high of Rs 2,59,692 per kg in the futures trade, as traders booked profits after a steep rally amid caution ahead of key US economic data. Silver futures for March delivery ended the four-day rally, plunging Rs 4,161, or 1.61 per cent, to Rs 2,54,650 per kilogram.

In the morning session, the metal rose Rs 881, or 0.34 per cent, to touch a new record of Rs 2,59,692 per kg. The metal had skyrocketed by Rs 13,167, or 5.35 per cent, on Tuesday, to a new peak of Rs 2,59,322 per kg before settling at Rs 2,58,811 per kg.

On Monday, it had closed at Rs 2,46,155 per kg. Meanwhile, gold futures showed limited movement. The yellow precious metal for February contract declined Rs 633, or 0.46 per cent, to Rs 1,38,450 per 10 grams, reflecting mild-profit booking after strong gains in recent sessions.