Gold futures gain on spot demand

Gold prices on Wednesday rose by Rs 325 to Rs 49,370 per 10 gram in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 325, or 0.66 per cent, at Rs 49,370 per 10 gram in a business turnover of 8,360 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

Gold prices traded 0.70 per cent higher at $1,857.10 per ounce in New York.