Gold prices on Wednesday surged Rs 14 to Rs 47,294 per 10 grams in the futures trade, as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for the October delivery traded higher by Rs 14, or 0.03 per cent, at Rs 47,294 per 10 gram in a business turnover of 12,217 lots.

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

Gold prices traded 0.07 per cent higher at USD 1,789 per ounce in New York.