Silver open with a gap down at 63121 and dropped to make a fresh monthly low of 62034 and finally recovered and settled with a fall of -1.139% at 62432 level as renewed concerns over the euro zone's debt crisis and uncertainty over whether Spain will need a full-scale bailout boosted demand for the US dollar. But latter prices recovered from a one-week low hit in the previous session when the precious metal dipped together with other commodities as weak German data fanned worries about global growth, giving the dollar a boost. Investors continued to pile into gold, sending holdings of physically backed ETF to a record high, with expectations that recent stimulus moves by central banks will support further strength in bullion. German business sentiment dropped for a fifth straight month in September, raising fears of recession, as companies struggled with a bleaker economic outlook and the ECB's bond buying plan failed to create much boardroom cheer. The Fed's latest round of monetary stimulus will help get the US economy back on track and speed the return to full employment, said John Williams, president of the San Francisco Federal Reserve Bank. Now technically market is getting support at 61924 and below could see a test of 61435 level, And resistance is now likely to be seen at 63011, a move above could see prices testing 63609.

Trading Ideas:

Silver trading range for the day is 61435-63609.

Silver ended lower tracking weakness in base metals and crude prices as weak German data weighed on prices

Moody's ratings agency should wrap up a ratings review on Spain later this week.

Holdings at ishares silver trust gained by 75.33 tonnes to 10015.99 tonnes