Gold prices on Saturday receded to Rs 86500 per tola with Rs 1400 fall in a single day trading on the local market, traders said. The precious metal is now traded for Rs 74160 per 10 grams with a Rs 1200 decline following its value fall of $18 an ounce to $1489 on the world market. Silver is now selling for Rs 1100 per tola and Rs 943 per 10 grams on the local market and $17.47 an ounce on the world market, traderssaid.