New Delhi

Gold prices on Friday dropped Rs 1,536 to Rs 1,58,011 per 10 grams in futures trade amid a fall in spot demand.

On the Multi Commodity Exchange, gold contracts for the August delivery traded lower by Rs 1,536, or 0.96 per cent, at Rs 1,58,011 per 10 grams in a business turnover of 1,265 lots.

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

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Globally, gold futures declined by 0.58 per cent to USD 4,449.01 per ounce in New York.