Gold prices declined sharply in futures trade on Wednesday, with August contracts falling by Rs 1,853, or 1.26%, to Rs 1,44,676 per 10 grams on the Multi Commodity Exchange (MCX).
The decline was attributed to weaker spot demand and subdued global market cues. The August gold contracts witnessed a business turnover of 1,585 lots during the session.
According to market analysts, weakness in international gold prices and improving risk sentiment weighed on the yellow metal, leading to the decline in domestic futures prices.