Gold futures rise on spot demand

New Delhi, Jan 28 (PTI) Gold prices on Tuesday increased Rs 220 to Rs 79,798 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 220 or 0.28 per cent at Rs 79,798 per 10 grams in a business turnover of 4,397 lots.

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

Globally, gold futures declined 0.05 per cent to USD 2,739.54 per ounce in New York.