Gold futures gain on spot demand

Gold prices on Wednesday rose by Rs 78 to Rs 48,385 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 78, or 0.16 per cent, at Rs 48,385 per 10 gram in a business turnover of 6,312 lots.

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

Globally, gold prices traded 0.07 per cent higher at USD 1,869.30 per ounce in New York.