Bullion futures drop on low turnover

New Delhi: Gold prices dropped Rs 539 to Rs 1,60,606 per 10 grams in futures trade amid a fall in spot demand. On the Multi Commodity Exchange, gold contracts for April delivery traded lower by 0.33 per cent in a business turnover of 647 lots. Analysts attributed the fall in gold prices to weak global cues. Globally, gold futures increased by 0.59 per cent to $5,196.38 per ounce in New York.

Silver prices fell Rs 3,264 to Rs 2,65,052 per kilogram as participants reduced their bets. silver contracts for March delivery declined Rs 3,264, or 1.22 per cent, to Rs 2,65,052 per kg in a business turnover of 1,058 lots.

Analysts said a sell-off by participants in the market mainly weighed on silver prices. Globally, silver was trading 0.14 per cent lower at $89.35 per ounce in New York.