Gold futures gain on spot demand

Gold prices on Tuesday rose by Rs 57 to Rs 47,975 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 57, or 0.12 per cent, at Rs 47,975 per 10 gram in a business turnover of 13,251 lots.

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

Gold prices traded 0.77 per cent higher at USD 1,794.60 per ounce in New York.