Gold futures drop to Rs 1,51,950/10g; Silver futures fall to Rs 2,44,159/kg

On the Multi Commodity Exchange, gold contracts for the June delivery traded lower by Rs 707, or 0.46%, at Rs 1,51,950 per 10 grams in a business turnover of 564 lots.

New Delhi: Gold prices on Thursday dropped Rs 707 to Rs 1,51,950 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 707, or 0.46 per cent, at Rs 1,51,950 per 10 grams in a business turnover of 564 lots.

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

Globally, gold futures declined by 0.83 per cent to $4,700.79 per ounce in New York.

Meanwhile, Silver prices fell by Rs 4,205 to Rs 2,44,159 per kilogram as participants reduced their bets.

On the Multi Commodity Exchange, silver contracts for the May delivery declined Rs 4,205, or 1.69 per cent, to Rs 2,44,159 per kg in a business turnover of 1,281 lots.

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

Globally, silver was trading 2.06 per cent lower at $76.10 per ounce in New York.