Gold futures gain on spot demand

Gold prices rose by Rs 46 to Rs 50,197 per 10 gram in futures trade on Friday as speculators created fresh positions on a firm spot demand. On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 46, or 0.09 per cent, at Rs 50,197 per 10 gram in a business turnover of 10,070 lots.

“The gems and jewellery industry was initially affected due to the pandemic, particularly in Q1 of this financial year (2020-21). We have, however, seen growth recovery post-lockdown.”

Fresh positions built up by participants led to the rise in gold prices, analysts said. Globally, gold prices traded 0.09 per cent higher at USD 1,895.10 per ..