Gold up by Rs 1200 per tola

Gold prices on Wednesday shot up by Rs 1200 to Rs 56,000 per tola in a single day trade on the local market, traders said. "The price of gold was Rs 54,000 per tola Tuesday on the local market," said All Karachi Jewellers Association President Haji Haroon Chand, adding that the increase in the precious metal price is only temporary and after Christmas it will start declining.
He said the price of gold per 10 grams also went up to Rs 48,000 from Rs 46,971. On the global market, the price of yellow metal rose to $1640 an ounce up from $1605.