As explorers took the edge off their positions due to low demand, gold prices today dropped by Rs 56 to Rs 50,814 per 10 grams in futures trade.
Gold contracts for August delivery traded lower by Rs 56 or 0.11% at Rs 50,814 per 10 grams in a business turnover of 14,455 lots, on the Multi Commodity Exchange.
Analysts credited the decline in gold prices to trimming of positions by partakers. Gold was trading 0.18% higher at USD 1,847.10 per ounce in New York.