Gold futures gain on firm spot demand

Gold prices on Thursday rose by Rs 340 to Rs 49,937 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 340, or 0.69 per cent, at Rs 49,937 per 10 gram in a business turnover of 11,374 lots.

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

Gold prices traded 1.01 per cent higher at USD 1,877.80 per ounce in New York.

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