Gold price in India witnessed a huge drop again on Thursday, tracking the overseas market. On the Multi-Commodity Exchange (MCX), August gold contracts slumped 0.47 per cent to Rs 47,450 for 10 grams at 0928 hours on July 22. Yellow metal prices dropped for the second time in three days amid weak global cues. Another precious metal Silver also tanked on Thursday. Silver September future tanked 0.97 per cent to Rs 67,036 a kilogram on July 22.
In the international market gold prices slumped near a more than one-week low on Thursday. Spot gold was down 0.3% at $1,798.27 per ounce, as of 0313 GMT. US gold futures eased 0.3% to $1,798.70 per ounce, according to Reuters.