Gold plunged by Rs 428 to close at Rs 48,000 per 10 grams in the local market Tuesday, as its international price slipped to $ 1,665 an ounce, market sources said.

According to Karachi Saraf Association official, tola (11.664 grams) price also plummeted by Rs 500 to Rs 56,000.

Silver closed unchanged at Rs 900 per 10 grams.