Gold Prices Drop Amid Weak Demand and Global Trends

Gold prices fell by Rs 32 to Rs 78,970 per 10 grams in futures trade due to reduced spot demand and weak global signals. On the Multi Commodity Exchange, February gold contracts dropped slightly, aligning with a larger business turnover. Globally, gold futures saw a 0.64% increase.

On Thursday, gold prices experienced a decline, dropping by Rs 32 to settle at Rs 78,970 per 10 grams in futures trading, largely due to diminishing spot demand.

The Multi Commodity Exchange saw gold contracts for February delivery decrease by Rs 32, or 0.04%, as they traded at Rs 78,970 per 10 grams amidst a business turnover of 15,649 lots.

Analysts pointed to weak global cues as a primary factor for the decline, despite gold futures in New York witnessing a 0.64% rise to USD 2,718.84 per ounce.

(With inputs from agencies.)