Gold prices dropped Rs 120 to Rs 48,664 per 10 gram and silver futures fell Rs 271 to Rs 71,140 per kg in the futures trade on Thursday as speculators reduced their positions because of low demand.

Globally, gold traded 0.11 per cent lower at $1,901.80 an ounce while silver fell 0.35 per cent at $ 27.78 per ounce in New York.

Nickel prices on Thursday rose 0.81 per cent to Rs 1,275.20 per kg in the futures trade as speculators built fresh positions on increasing demand from alloy makers in the spot market. Likewise, aluminum prices gained0.79 per cent to Rs 192 per kg in the futures trade. Zinc prices on traded higher by 1.03 per cent to Rs 234.45 per kg on a firm spot demand. Copper prices gained 0.61 per cent at Rs 750.70 per kg due to the same reason.

On the Multi Commodity Exchange, gold contracts for the June delivery fell by Rs 120, or 0.25 per cent, to Rs 48,664 per 10 gram in a business turnover of 3,499 lots, silver contracts for the July delivery traded lower by Rs 271, or 0.38 per cent, to Rs 71,140 per kg in a business turnover of 11,445 lots, nickel contracts for the June delivery rose by Rs 10.20, or 0.81 per cent, to Rs 1,275.20 per kg in a business turnover of 2,228 lots, aluminium contracts for the June delivery increased 1.50, or 0.79 per cent, to Rs 192 per kg in a business turnover of 2,061 lots, zinc contracts for the June delivery gained Rs 2.40, or 1.03 per cent, to Rs 234.85 per kg in 2,290 lots, copper contracts for delivery in June traded higher by Rs 4.55, or 0.61 per cent, at Rs 750.70 per kg in a business turnover of 4,282 lots.