Gold prices drop 1%

Gold slid around one per cent on Monday after Iran and six world powers agreed a deal to curb Tehran's nuclear programme. Spot gold touched its lowest level since July 8 at $1,227.93 an ounce in earlier trade and was down one percent at $1,230.48 by 1303 GMT. In the domestic market, too, gold prices maintained its sluggish momentum on subdued stockists and investors off-take as well as mute local buying interest in the backdrop of weak global trend. Standard gold (99.5 purity) declined Rs 240 to close at Rs 30,425 per 10g from last weekend's level of Rs 30,665.