Gold Prices Plummet as Weaker Demand Takes Hold

Gold futures declined in value on Monday, dropping to Rs 1,53,608 per 10 grams. This decrease was attributed to a fall in spot demand for the precious metal. On the Multi Commodity Exchange, contracts for October delivery traded lower by Rs 773, or 0.5 percent.

The business turnover for these yellow metal contracts was 998 lots. Analysts pointed out that weaker spot demand contributed to the decline in gold prices.

Globally, gold futures also declined, dropping by 0.53 percent to USD 4,355.59 per ounce in New York. The decrease in global and domestic gold prices reflects a shift in market sentiment.