No price drop for 360, says Microsoft

Microsoft's David Hufford has stated that there are no plans to reduce the price of the Xbox 360 in the near future.

The comment comes following a round of price cutting rumours sparked after the exec said that he was "well aware that the sweet spot of the market is really 199 bucks."

But talking via Gamerscoreblog.com Hufford said: "With Xbox 360s selling well at their current price point, Elites selling out at $479, and an insanely great portfolio of games in the market, there's no reason to announce any kind of price drop any time soon.

"The comment, which is accurately reported, unfortunately has now been taken way out of context and being reported as if I am signalling a price drop. I was not, I am not," he confirmed.