Silver is trying to stabilize after falling around 7% from its record high on Friday. The counter trades at $50.42 per ounce, up 0.60% on the day. Silver zoomed to record highs near $54 per ounce amid sustained upmove as weak US dollar clubbed with generally upbeat cues from precious metals complex boosted the counter. The metal dipped sharply thereafter though and witnessed a choppy movement today. Safe haven demand is boosting the metal the International Monetary Fund has warned that despite the markets' apparent calm since spring, the institution believes that investors are severely underestimating the risks facing the global economy. Market is also eying Indian demand trend after futures prices tested Rs 170000 per kg mark. India's Silver imports zoomed around 152% on year to Rs 11543 crore in the month. MCX Silver futures are currently trading at Rs 155541 per kg, down 0.68% on the day. Spot Silver prices in Ahmedabad have spiked from Rs 144000 per kg at the start of the month to around Rs 170000 per kg on 17 October. Sentiments are looking volatile in retail markets as the Diwali week approaches.

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