Silver price extends slide on index rebalancing

Silver extended its slide on Thursday as investors braced for a commodity index rebalancing and took profits on a metal that has more than doubled in value over the past year.

Spot prices declined as much as 5% to $73.91 an ounce, before paring some losses. It follows a 4% drop from the previous session after surging past $80 per ounce again earlier this week.

Click on chart for live prices.

Meanwhile, gold held steady after erasing a 1% loss from earlier in the session.