Sovereign gold, however, held steady at Rs 26,500 per eight grams.

Silver prices rallied by Rs 200 to Rs 37,400 per kg in Delhi on Thursday, while gold held steady, according to the All India Sarafa Association. Traders said silver prices rose on pick-up in offtake by industrial units and coin makers at the local spot market. Globally, spot gold was trading marginally higher at $1,276 an ounce, while silver was slightly up at $14.53 an ounce in New York.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity dropped by Rs 10 each to Rs 32,670 per 10 grams and Rs 32,500 per 10 grams.

Sovereign gold, however, held steady at Rs 26,500 per eight grams. Silver ready surged Rs 200 to Rs 37,400 per kg, while weekly-based delivery fell by Rs 66 to Rs 36,234 per kg. Silver coins held flat at Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.