Gold Prices Plummet Amid Weak Spot Demand

Gold prices declined in futures trade on July 29th, with August delivery contracts trading lower by 0.85% due to weaker spot demand. The decrease in gold prices resulted in a drop of Rs 1,213 to Rs 1,41,850 per 10 grams. Globally, gold futures also declined by 0.85% to $4,041.42 per ounce in New York.

The decline in precious metal prices was attributed to reduced participation and spot demand. Analysts stated that the decrease was due to the fall in demand for gold. The yellow metal contracts for August delivery traded lower in 759 lots.