KARACHI
Gold price jumped by Rs 600 to close at Rs 50,657 per 10 grams in the local market Wednesday, market sources said. According to Karachi Sarafa Association official, tola (11.664 grams) price also surged by Rs 700 to close at Rs 59,100. Reuters adds from London: Gold was steady on Wednesday, fairly close to recent 11 week highs and taking a cue from the euro's march to a two month peak.

 as investors bet that Greece would finally secure a second bailout needed to avoid default. Receding risk aversion - reflected in rising share prices - is seen as a dampening factor for gold's safe-haven credentials, with German government bonds feeling some presure.
But wider uncertainty on the euro zone's economic outlook was more supportive for gold, with Germany seeing the steepest drop in exports for nearly three years in December and the Bank of France saying its economy would not grow at all in the first quarter of 2012.