Gold prices on Monday dropped by Rs 773 to Rs 1,53,608 per 10 grams in futures trade amid a fall in spot demand.

On the Multi Commodity Exchange, yellow metal contracts for October delivery traded lower by Rs 773, or 0.5 per cent, at Rs 1,53,608 per 10 grams in a business turnover of 998 lots.

Analysts attributed the decline in precious metal prices to weaker spot demand.

Globally, gold futures declined by 0.53 per cent to USD 4,355.59 per ounce in New York.