Silver rate today, Jan. 8 -- Silver prices extended their fall as they cracked nearly 3.5% to trade below Rs.2,42,000 on Multi Commodity Exchange (MCX) on Thursday, January 8, ahead of the annual rebalancing of commodity index and release of key US economic data.

As per a Bloomberg report, passive tracking funds are expected to sell precious metals futures on Thursday to match the new weightings required by the indexes, with sales expected to be higher than usual amid the massive rally seen in gold and silver prices.

The white metal touched an intraday low of Rs.2,48,163 and an intraday high of Rs.2,51,889 as against the last closing level of Rs.2,50,605.

Silver prices on MCX plunged as much as Rs.11,700 per kilogram to the day's low o...