The price of gold continued to drop for second day in a row. The precious metal lost 0.1 per cent as it fell to 1,262.90 per ounce in the markets. The gold futures contract for April lost 1.10 US dollars, a second drop after its Monday fall by 0.5 per cent. Meanwhile, silver prices fell even sharper with the May futures contracts seeing a 24.3 cents, or 1.6 per cent set back, closing at 15.39 US dollars per ounce.