Futures recovering on firm spot demand

Gold prices jumped Rs267 to Rs62,774 per 10 grams as speculators created fresh positions on firm spot demand. Silver prices jumped Rs63 to Rs72,396 per kilogram in futures trade as participants widened their bets on a firm spot demand. On MCX, gold contracts for February delivery traded higher by Rs267, or 0.43 per cent, at Rs62,774 per 10 grams in a business turnover of 12,957 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures went up by 0.64 per cent to $2,055 per ounce in New York.