Silver (.999 fineness) zoomed by a whopping Rs 1,615 per kg to conclude at Rs 40,290 as against Rs 38,675 on Monday.

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Silver (.999 fineness) zoomed by a whopping Rs 1,615 per kg to conclude at Rs 40,290 as against Rs 38,675 on Monday. 

Spot silver steadied at $16.94 an ounce. It rose to an 11-month high of $17.23 on Wednesday, but gave up gains to close the session flat.

Silver has outperformed other precious metals in recent days, helped by a break through chart resistance at its late October high on Tuesday and increasing optimism about China. Silver has more industrial use than the other precious metals.

Globally, the price of gold eased as a firmer dollar halted the previous day's rally while silver held near an 11-month peak, boosted by technical momentum and perceptions it is undervalued versus gold.