Silver prices declined sharply on Wednesday after hitting a record high of ₹2,59,692 per kilogram 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 closes 4-day rally 

On the Multi Commodity Exchange (MCX), silver futures for March delivery closed the four-day rally, falling ₹4,161, or 1.61%, to ₹2,54,650 per kg. In the morning session, silver rose ₹881, or 0.34 per cent, to touch a new record of Rs 2,59,692 per kg.  

The metal had skyrocketed by ₹13,167, or 5.35%, on Tuesday, to a new peak of ₹2,59,322 per kg before settling at ₹2,58,811 per kg. On Monday, it had closed at ₹2,46,155 per kg.   

On the other hand, gold futures showed limited movement. The yellow metal for February contract declined ₹633, or 0.46%, to ₹1,38,450 per 10 grams, reflecting mild-profit booking after strong gains in recent sessions.  

Comex silver futures were trading lower 

In the international market, Comex silver futures were trading lower by $1.41, or 1.74%, to $79.63 per ounce, after rising as much as 1.91 per cent to hover near a record at $82.58 per ounce. The white metal had touched a lifetime high of $82.67 per ounce on December 29.  

Gold futures for February delivery slipped by $1, or 0.47%, to $4,475.10 per ounce in the overseas trade, consolidating near its record levels.  

"Gold fell to around $4,480 per ounce on Wednesday, pausing its two-day gains as investors looked past geopolitical risks and focused on upcoming US economic data," Jigar Trivedi, Senior Research Analyst at Reliance Securities, told news agency PTI.  

Market participants are awaiting key economic releases include the December jobs report due on Friday, which could provide further clues on the Federal Reserve's monetary policy outlook, he added.  

On the geopolitical front, risks continued to underpin sentiment. Trivedi said tensions remain elevated after the US captured Venezuela President Nicolás Maduro, with US President Donald Trump warning of further action if the interim leadership resists Washington's oversight.  

Trivedi said tensions rose between China and Japan after Beijing imposed export controls on items with potential military use, bolstering safe-haven demand for bullion.