Gold futures rise on spot demand

New Delhi, Jan 15 (PTI) Gold prices on Wednesday increased Rs 259 to Rs 78,415 per 10 grams in futures trade as speculators created positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for February delivery traded higher by Rs 259 or 0.33 per cent at Rs 78,415 per 10 grams in a business turnover of 10,169 lots.

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

Globally, gold futures declined 0.62 per cent to USD 2,698.80 per ounce in New York.