MCX Gold Futures Drop on Weak Spot Demand

Gold prices on MCX dropped to ₹1,51,128 per 10 grams in futures trade on Thursday due to weak spot demand. The decline came as gold futures globally fell by 0.25% to $4,277 per ounce in New York.

The Multi Commodity Exchange saw yellow metal contracts for October delivery trading lower by ₹171, or 0.11%, at ₹1,51,128 per 10 grams in a business turnover of 867 lots.

Analysts attributed the decline in precious metal prices to weaker spot demand.