Gold Prices Drop on Weak Demand and Lower Global Cues

Gold futures declined on September 1 as weak spot demand and lower global cues pulled October contracts down to Rs 1,54,236 per 10 grams. The yellow metal contracts for October delivery traded lower by 1.31 percent in 2,680 lots.

Globally, gold futures also dropped by 0.51 percent to $4,432.51 per ounce in New York, contributing to the decline in precious metal prices here. Analysts attributed the fall in spot demand for the decrease in prices.