Gold slides for 2nd day on sluggish demand, silver rebounds

Gold prices further dropped at the domestic bullion market here due to sustained unwinding by jewellery stockists and traders.
In contrast, silver witnessed a strong rebound on the back of heavy speculative offtake coupled with good industrial buying support.
Standard gold (99.5 purity) dropped by Rs 110 to end at Rs 28,655 per 10 grams from overnight closing level of Rs 28,765.
Pure gold (99.9 purity) also drifted by a similar margin to settle at Rs 28,805 per 10 grams against Rs 28,915 previously.
However, silver (.999 fineness) rose by Rs 175 per kg to finish at Rs 38,945 from Rs 38,770 on Thursday.

On the Global front, gold steadied after two days of losses, hemmed into a narrow range ahead of the key US payrolls data later in the session which will be closely watched for its implications for the US monetary policy.
Spot gold was at USD 1,210.86 an ounce in early trade, little changed from USD 1,210.49 late on Thursday. U.S. Gold futures for June delivery were up 90 cents at USD 1,213.50.
Among other precious metals, Silver was up 0.3 percent at USD 16.02 an ounce.