Gold futures rise on spot demand

Gold prices on Wednesday rose by Rs 118 to Rs 48,350 per 10 gram in futures trade as speculators created fresh positions on firm spot demand.

On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 118, or 0.24 per cent, at Rs 48,350 per 10 gram in a business turnover of 14,989 lots.

Fresh positions built up by participants mainly led to the rise in gold prices, analysts said. Globally, gold prices traded 0.29 per cent higher at USD 1,787.20 per ounce in New York.

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