The price of gold recorded a significant decline of Rs3,500 to stand at Rs210,800 per tola for selling on February 15 in Pakistan, the All Sindh Sarafa Jewellers Association reported.

The precious metal had settled at Rs214,300 per tola during the previous trading day.

The price of 10 grammes of gold also dropped by Rs3,001 to Rs180,727, as against the previous price of Rs183,728.

Similarly, the value of 10 grammes 22 karat gold went down to Rs165,666, from the earlier price of Rs 168,416.

The price of silver also declined by Rs20 to Rs2,580 per tola from Rs2,600 while 10 grammes of silver declined by Rs17.15 to Rs2,211.93.

In the international market, gold prices extended declines on Wednesday, languishing below the key $2,000-per-ounce mark, pressured by a stronger-than-expected US inflation report that caused investors to pull back on bets of rate cuts by the Federal Reserve.

Spot gold fell 0.2% to $1,989.10 per ounce - its lowest since Dec. 13. Bullion fell about 1.4% on Tuesday, its biggest daily loss since Dec. 4. US gold futures slipped 0.2% to $2,002.30 per ounce.