Mumbai, August 17: Gold rates in India slipped on Monday on the back of a drop in the global rates. Last week, gold slumped over 4 percent in the country. On MCX, October gold futures slipped to Rs 52,207 per 10 gram. Silver futures, however, moved 0.35 percent higher to Rs 67,403 per kg.

Customers will be able to buy a 10-gram 24-carat gold at Rs 52,500 in Mumbai. On the other hand, in Kolkata, customers will have to dish out Rs 54,460 for a 10-gram 24-carat gold. The price of a 10-gram 24-carat gold in the national capital is Rs 55,100. In Chennai, the rate for a 10-gram 24-carat gold is 55,320, according to Good Returns report.

Talking about the spot gold prices in India, it was at Rs 52,240, IT witnessed a growth of 0.02 percent, despite global gold prices($1,941.5) saw a drop of 0.29 percent.

The dollar to the rupee conversion rate on Monday improved to Rs 74.8 as compared to the previous close of Rs 74.9. The price of the gold depends on various external factors, one of which is the fall of the dollar against rupee which might lead to an increase in gold prices in the domestic market. The volatility in the gold market has also increased, resulting in damp sentiments among investors. The gold investors are eagerly waiting for the US Federal Reserve’s recent policy meeting for finer prints of its latest economic policy stance.