Gold futures gain on spot demand

New Delhi: Gold prices on Wednesday rose by Rs 198 to Rs 51,108 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 198, or 0.39 per cent, at Rs 51,108 per 10 gram in a business turnover of 14,125 lots.

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

Gold prices traded 0.48 per cent higher at USD 1,924.50 per ounce in New York.