Mumbai, May 19 (PTI) Snapping its three-day surge, gold today declined by Rs 260 at the bullion market here on weak demand at higher levels, also loomed by ongoing GST transition roll out.
The GST council has not finalised the tax rate on gold yet, a dealer said.
Silver also declined following speculative selling.
Standard gold (99.5 purity) fell by Rs 260 to end at Rs 28,635 per 10 grams against Thursday’s closing level of Rs 28,895.
Pure gold (99.9 purity) also dropped a similar margin to settle at Rs 28,785 per 10 grams from Rs 29,045 earlier.
Silver (.999 fineness) slid by Rs 200 to conclude at Rs 39,380 per kg against Rs 39,580 yesterday.
Globally, Gold rose, and was on track for its best week in five as the dollar softened on political turbulence in the United States, boosting bullion’s safe-haven appeal.
Spot gold was up 0.5 percent at USD 1,253.31 per ounce in early trade. silver climbed 1.5 pct to USD 16.79 an ounce.
This is published unedited from the PTI feed.