As speculators cut their holdings, gold prices on Thursday dropped by 184 to 50,230 per 10 grams in futures trading.
Gold futures for October delivery traded at 50,230 per 10 grams on the Multi Commodity Exchange, down 184 or 0.36 percent, in a turnover of 12,561 lots.
Analysts explained the decline in gold prices by participants' reduction of positions.
Globally, the price of gold was down 0.53 percent in New York, selling at USD 1,717 per ounce.