India, Dec. 29 -- The silver rate whipsawed in today after scaling an all-time high that briefly made the white metal a more lucrative assets than Nvidia's stock.

On the Multi Commodity Exchange, the silver rate surged as much as 5.99% to an intraday high of Rs.2,54,174.00, before giving up all the gains and more to hit an intraday low of 2,33,120.00-down 2.78% from previous close. Essentially, the white metal has swung 8.77% within a day.

The swing was largely attributed to "short covering"-the act of buying back borrowed securities, in this case silver, to close an open short position.

In the global market, silver gyrated after smashing through $80 an ounce for the first time amid a historic surge powered by speculative trades and a ...