Gold futures gain on spot demand

Gold prices on Thursday rose by Rs 108 to Rs 50,156 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for December delivery traded higher by Rs 108, or 0.22 per cent, at Rs 50,156 per 10 gram in a business turnover of 15,404 lots.

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

Gold prices traded 0.24 per cent higher at USD 1,895.40 per ounce in New York.

Silver prices on Thursday rose by Rs 500 to Rs 60,919 per kg in futures trade as participants widened their bets on firm spot demand.

On the Multi Commodity Exchange, silver contracts for December gained Rs 500, or 0.83 per cent, to Rs 60,919 per kg in 16,402 lots.

Analysts said the rise in silver prices was mostly due to fresh positions built up by participants on a positive domestic trend.

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Silver was trading 0.83 per cent up at USD 24.10 per ounce in New York.