Gold futures rise on firm demand

Gold prices on Wednesday rose Rs53 to Rs62,500 per 10 grams 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 Rs53, or 0.08 per cent, at Rs62,500 per 10 grams in a business turnover of 14,667 lots.

Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased by 0.21 per cent to $2,055.30 per ounce in New York.