Gold prices on Wednesday surged by Rs 1100 per tola in the local market after the global prices of the yellow metal posted an increase of $41 an ounce, on the announcement of Obama”s re-election as the US President, traders said. With fresh increase, the gold price reached Rs 62,900 up by Rs 1100. The price of gold per 10 gram went up to Rs 53,914 from Rs 52,971, traders said. The price of gold in the international market, they said, was $1732. “The news of Obama”s re-election as the US President spurred the market upward globally,” they said.