Gold prices on Friday dropped ₹1,536 to ₹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 ₹1,536, or 0.96 per cent, at ₹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.
Globally, gold futures declined by 0.58 per cent to $4,449.01 per ounce in New York.