Gold futures gain on spot demand

Gold prices on Wednesday rose Rs 229 to Rs 49,096 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 June delivery traded higher by Rs 229, or 0.47 per cent, at Rs 49,096 per 10 gram in a business turnover of 5,531 lots.

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

Gold prices traded 0.55 per cent higher at USD 1,911 per ounce in New York.