KARACHI - Gold price has observed an upsurge of $16 in the international market in last week which lifted its per ounce price from $1,229 to $1,245. Due to price hike in international market, local markets also witnessed rise in gold price. According to All Pakistan Supreme Council Jewelers Association report, gold price increased by Rs350 in Sarafa Markets in seven days which surged its per tola price in markets of Karachi, Hyderabad, Lahore, Multan, Faisalabad, Rawalpindi, Islamabad and Quetta to Rs50,850 from Rs50,500.