Gold futures rise on spot demand

Gold prices on Monday rose Rs280 to Rs70,916 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for June delivery traded higher Rs280 or 0.4 per cent at Rs70,916 per 10 grams in a business turnover of 23,856 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.49 per cent to $2,356.90 per ounce in New York.