Gold futures gain on spot demand

Gold prices on Friday rose by Rs 56 to Rs 49,254 per 10 gram in the futures trade, as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for the August delivery traded higher by Rs 56, or 0.11 per cent, at Rs 49,254 per 10 gram in a business turnover of 11,559 lots.

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

Gold prices traded 0.04 per cent higher at USD 1,897.10 per ounce in New York.

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