Gold futures gain on spot demand

Gold prices rose by Rs 167 to Rs 50,240 per 10 gram in futures trade on Monday as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 167, or 0.33 per cent, at Rs 50,240 per 10 gram in a business turnover of 10,227 lots.

Fresh positions built up by participants led to the rise in gold prices, analysts said.

Globally, gold prices traded 0.33 per cent higher at USD 1,889.50 per ounce in New York.