INDIA June 09 2014 5:39 PM

MUMBAI (Scrap Register): Indian gold prices dropped to below Rs 26,000 per ten grams on Monday.

The most active August gold contract of the Multi Commodity Exchange touched a low of Rs 25,811 per 10 grams on Monday.

The metal was trading at Rs 25,883 per ten grams on the MCX midday after climbing down from an intraday high of Rs 25,930.

“Prices will fall further as we are expecting the government to reduce import duty shortly. The rupee too is expected to strengthen further, which will further bring down prices,” said Kapil Parekh, executive director at the Indian Bullion & Jewellers Association.