Spot silver prices dropped almost 2 percent on Thursday, down 22 percent from a record hit a week ago, after another hike in margin requirements for US silver futures squeezed some of the speculative froth out of the market. Gold held steady, with traders hesitant to take positions before the European Central Bank's rate decision due later in the day.
Spot silver fell by 1.7 percent to $38.66 an ounce by 0743 GMT, after dipping to a one-month low of $38.56. It had risen 170 percent in a year to a record $49.51 an ounce on April 28. COMEX silver also fell to a one-month low at $38.57, and was trading at $38.67, down about 2 percent.
Spot gold, which lagged silver's stellar rally and is now lagging its fall, was steady at $1,516.49 an ounce after three consecutive sessions of declines. Bullion is up 7 percent this year, versus a 25 percent rise for silver. COMEX gold was almost unchanged at $1,516.70.
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