Gold prices on Wednesday increased by Rs 83 to Rs 51,385 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand.

On the Multi Commodity Exchange, gold contracts for August delivery traded higher by Rs 83 or 0.16 percent at Rs 51,385 per 10 grams in a business turnover of 10,240 lots.

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

Globally, gold was trading 0.22 percent higher at USD 1,767.70 per ounce in New York.