Gold prices on the local market on Friday declined to Rs 38,700 per tola from record high of Rs 8,900, traders said. The price of gold per 10 grams also reduced to Rs 33,171 from Rs 33,342. Gold price on the global market was quoted at $1,205 an ounce down from $1,218, they added. Silver prices also came down to Rs 610 per tola from historic high of Rs 620 and Rs 522.85 per tola from Rs 531.42, according to traders.