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Gold prices on Tuesday dropped by ₹1,417 to ₹1,45,500 per 10 grams in futures trade amid a fall in spot demand.
On the Multi Commodity Exchange, yellow metal contracts for August delivery traded lower by ₹1,417, or 0.96 per cent, at ₹1,45,500 per 10 grams in a business turnover of 848 lots.
Analysts attributed the decline in precious metal prices to weaker spot demand.
Globally, gold futures declined by 1.04 per cent to $4,122.10 per ounce in New York.