KARACHI: Gold slipped by Rs 257 to Rs 48,857 per 10 grams in the local market Wednesday as its international price dropped to $ 1,650 an ounce, market sources said.

According to Karachi Saraf Association official, tola (11.664 grams) price also declined by Rs 300 to Rs 57,000.

Silver closed lower at Rs 870 per 10 grams.