Mumbai, September 23: The gold and silver rates slipped sharply on Wednesday, extending losses for the third day. October gold futures on MCX were down 1.2 percent to Rs 49,764 per 10 gram while silver futures slumped 4 percent to Rs 58,851. The precious metal prices have slipped sharply this week across the globe.

In comparison to last month's high of Rs 56,200, gold is now down over Rs 6,000 per 10 gram in India. The Indian markets echoed the sentiments in the global markets, where the gold prices today slipped to a six-week low. The fall was also on the back of the dollar strengthening with the coronavirus crisis rattling sentiment in Europe.

Talking about the spot gold prices, there has been an increase of 0.02 percent in the Indian market in comparison to Tuesday's rate, taking the value to Rs 50,640. The spot gold prices in India witnessed a marginal growth, despite global gold prices($1887.3) seeing a drop of 0.68 percent.

Customers in Mumbai will be able to buy 10-gram 24-carat gold at Rs 50,000. On the other hand, people will have to dish out Rs 53,460 for a 10-gram 24-carat gold in New Delhi. The same quantity of purity of gold can be purchased at Rs 52,070 in Kolkata. People in Chennai need to spend Rs 52,470 for a 10-gram 24-carat gold on Wednesday.

The dollar to rupee conversion has been constant since Tuesday and any fluctuation today in the gold price would suggest no relation with the dollar value.