The gold prices witnessed a slight decrease on Tuesday amid the recovery of the Pakistani rupee against the US dollar.

According to Sindh Sarafa Association, the price of gold decreased by Rs 850 per tola and settled at Rs 142,400 after touching near an all-time high at Rs143,250 per tola a day earlier. The price of gold decreased by Rs 729 per 10-gram to close at Rs122,085.

Gold is considered a hedge against soaring inflation and is often used as a safe store of value during times of political and economic uncertainty.

In the international market, the price of precious metal decreased to $1,846 per ounce.

Meanwhile, silver prices in the local market remained unchanged at Rs1,570 per tola and Rs1,346.02 per 10-gram on Wednesday.