Rising spot demand propels futures up

Gold futures marginally rose by Rs12 to Rs62,478 per 10 grams as speculators created fresh positions on firm spot demand. Silver futures rose Rs228 to Rs74,541 per kilogram as participants widened their bets on a firm spot demand.

On the Multi Commodity Exchange (MCX), gold contracts for February delivery traded marginally higher by Rs12 or 0.02 per cent at Rs62,478 per 10 grams in a business turnover of 16,374 lots. Fresh positions built up by participants led to a rise in gold prices, analysts said. Globally, gold futures remained flat at $2,046.30 per ounce in New York.