Gold price jumps by Rs 650 per tola

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KARACHI - Gold price jumped by Rs 557 to close at Rs 49,114 per 10 grams in the local market Thursday, market sources said. According to Karachi Sarafa Association official, tola (11.664 grams) price also increased by Rs 650 to Rs 57,300. Reuters adds from London: Gold prices climbed to three-week highs above $1,620 an ounce on Thursday after European Central Bank president Mario Draghi said the central bank was ready to do whatever it takes to preserve the euro, boosting the single currency versus the dollar.

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The euro surged more than 1 percent against the U.S. unit to target its biggest one-day rise in a month, European shares jumped more than 2 percent and German Bund futures fell after Draghi said the euro was "irreversible". Spot gold was up 1 percent at $1,619.50 an ounce at 1413 GMT, having earlier touched a high at $1,621.41, while U.S. gold futures for August delivery were up $10.40 an ounce at $1,618.50.