Gold prices slide on subdued demand
Standard gold prices slipped by Rs 220 to end at Rs 28,945 per 10 grams from overnight closing level
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Mumbai: Gold prices declined further for the third day at the domestic bullion market in Mumbai on Friday largely in tandem with a weak global trend and lacklustre buying support from stockists and retailers.
Silver also moved down owing to lacklustre industrial demand. Standard gold (99.5 purity) slipped by Rs220 to end at Rs28,945 per 10 grams from overnight closing level of Rs29,165.
Pure gold (99.9 purity) also fell by a similar margin to finish at Rs29,095 per 10 grams from Rs29,315. Silver (.999 fineness) dropped by Rs600 to end at Rs40,085 per kg as against Rs40,685 on Thursday.
Globally, gold fell for a third day after British elections failed to deliver a clear majority for Prime Minister Theresa May, knocking the pound sharply lower and helping lift the dollar index to its highest since late May. Spot gold was down 0.3% at $1,274.41 an ounce at early trade, while US gold futures for August delivery were $2.80 an ounce lower at $1,276.70.
Among other precious metals, silver was down 0.2% to $ 17.34 per ounce.