Gold price surges by Rs 550 per tola

Gold surged by Rs 472 to close at Rs 50,314 per 10 grams in the local market on Thursday, market sources said. According to Karachi Sarafa Association official, tola (11.664 grams) price also jumped by Rs 550 to Rs 58,700. Silver closed lower at Rs 968.57 per 10 grams. Reuters adds from London: Gold rose Thursday, led by a climb in the euro on the back of growing confidence in Greece's ability to complete a bond swap to avoid defaulting on its debt, and by evidence that this week's decline to six-week lows had lifted investor demand.