Silver Price Outlook: Silver prices is likely to move south further after the halt in the record rally because of excess supply in the international market. Kumar Jain, national spokesperson for the India Bullion and Jewellers Association (IBJA) said that the major source of silver supply in the Indian market is from the London Bullion Market Association (LBMA), which has released the additional quantity to cool off the rising demand, according to NDTV Profit.

Due to high demand of silver in India during Diwali buying spree among customers, the sharp surge was seen in the prices of silver. According to Jain, LBMA offset the demand by increasing the supply into the market, leading to the drop in prices sharply.

Jain added that prices are expected to fall further.

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