Futures rise on firm spot demand

Gold price on Friday rose Rs 224 to Rs 58,070 per 10 grams in futures trade as speculators created fresh positions on firm spot demand. On the Multi Commodity Exchange, gold contracts for October delivery traded higher by Rs 224 or 0.39 per cent at Rs 58,070 per 10 grams in a business turnover of 15,520 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold was trading 0.62 per cent higher at $1,890.20 per ounce in New York.