Gold Prices on MCX Plummet Due to Weak Demand

Gold futures on the Multi Commodity Exchange (MCX) dropped to Rs 1,41,465 per 10 grams on July 29, due to weaker spot demand. The decline was driven by a decrease in sales of gold, resulting in lower prices for investors.

The MCX saw a business turnover of 375 lots, with the yellow metal contracts for August delivery trading at Rs 1,41,465 per 10 grams. This represents a drop of Rs 158 or 0.11% from the previous day's closing price.

Analysts pointed out that the global gold prices remained flat at USD 4,031.22 per ounce in New York, indicating no significant impact on the local market. However, weaker spot demand was attributed as the primary reason for the decline in precious metal prices.