Mumbai, June 10 -- Silver's remarkable ascent at the start of the year continues to fade into memory, with the metal falling below $64 an ounce on Wednesday, its lowest level since March and a far cry from the historic highs witnessed just five months ago. The latest decline leaves silver down more than 15% in June alone, extending a sharp correction that has steadily eroded one of the strongest rallies seen in the precious metals market in recent years.
The magnitude of the reversal is hard to ignore. After surging to a historic peak near $120 an ounce in late January, silver has now surrendered almost half of its value in less than five months. The metal's meteoric rise earlier this year has given way to a sharp and unforgiving correctio...