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Gold futures prices dropped by Rs 240 to Rs 19,757 per 10 grams on heavy off-loading by speculators on the back of weakening global trend and falling demand in spot markets.

Trading sentiments turned bearish, as metal prices fell to a two-month low in global markets and retail customers refrained from buying at existing higher levels.

At the Multi Commodity Exchange, gold for delivery in February fell by Rs 240, or 1.20 per cent, to Rs 19,757 per 10 grams, with a business turnover of just two lots.

Similarly, the metal for delivery in April contract moved down by Rs 227 to Rs 20,044 per 10 grams, with a trade volume of single lot.