New Delhi, Feb. 18 -- Silver prices, which stunned markets with a sharp rally earlier this year, are now navigating a critical consolidation phase after a steep correction from record highs. Analysts believe that the current weakness may be setting the stage for a directional move by early March, with price behaviour over the next few weeks expected to decide whether silver resumes its longer-term uptrend or extends the corrective phase.

Silver's bull run, which came to an abrupt halt towards the end of January, has dragged prices nearly Rs.2 lakh below peak levels. From its all-time high of Rs.4,20,000 per kg on the Multi Commodity Exchange (MCX) on January 29, silver prices are down about 46%, reflecting profit booking, thinner global ...