Gold slides on subdued demand, silver dives by Rs 600/kg

Gold prices declined further for the third day at the domestic bullion market here today 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 Rs 220 to end at Rs 28,945 per 10 grams from overnight closing level of Rs 29,165.
Pure gold (99.9 purity) also fell by a similar margin to finish at Rs 29,095 per 10 grams from Rs 29,315.
Silver (.999 fineness) dropped by Rs 600 to end at Rs 40,085 per kg as against Rs 40,685 yesterday.

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 per cent at USD 1,274.41 an ounce at early trade, while US gold futures for August delivery were USD 2.80 an ounce lower at USD 1,276.70.
Among other precious metals, silver was down 0.2 per cent to USD 17.34 per ounce.