Gold futures rise on spot demand

Gold prices on Tuesday rose Rs421 to Rs71,333 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 Rs421 or 059 per cent at Rs71,333 per 10 grams in a business turnover of 23,624 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures increased 0.89 per cent to $2,371.90 per ounce in New York.