Gold price on Tuesday declined to Rs 56, 000 per tola by Rs 500 on the local market, traders said. The price of gold per 10 gram also went down to Rs 48, 000 from Rs 48, 428. The price of precious metal also came down to $1696 an ounce from $1705 on the international market, according to the traders. The price of silver was quoted Rs 1070 per tola and Rs 917.14 per 10 grams on the local market.