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Gold prices on Wednesday dropped ₹780 to ₹1,49,340 per 10 grams in futures trade amid a fall in spot demand.
On the Multi Commodity Exchange, yellow metal contracts for December delivery traded lower by ₹780, or 0.52 per cent, at ₹1,49,340 per 10 grams in a business turnover of 2,432 lots.
Analysts attributed the decline in precious metal prices to weaker spot demand.
Globally, gold futures declined by 1.17 per cent to $4,115.31 per ounce in New York.