Gold futures drop Rs 1,310 to Rs 1,53,299/10g; Silver slumps to Rs 2,51,967/kg

New Delhi: Gold prices on Monday dropped Rs 1,310 to Rs 1,53,299 per 10 grams in futures trade amid a fall in spot demand.

On the Multi Commodity Exchange, gold contracts for the June delivery traded lower by Rs 1,310, or 0.85 per cent, at Rs 1,53,299 per 10 grams in a business turnover of 1,119 lots.

Analysts attributed the fall in gold prices to weak global cues.

Globally, gold futures declined by 0.87 per cent to USD 4,788.31 per ounce in New York.

Silver prices on Monday fell by Rs 5,175 to Rs 2,51,967 per kilogram as participants reduced their bets.

On the Multi Commodity Exchange, silver contracts for the May delivery declined Rs 5,175, or 2.01 per cent, to Rs 2,51,967 per kg in a business turnover of 1,505 lots.

Analysts said a sell-off by participants mainly weighed on silver prices.

Globally, silver was trading 1.54 per cent lower at USD 79.64 per ounce in New York.