Gold, silver price prediction: What will be likely rates after April 22?

Gold price and silver rate are expected be volatile as escalating tensions in West Asia and a slate of macroeconomic data are likely to determine whether the rally extends or undergoes a correction, analysts said. In the international markets, Comex silver gained USD 5.36, or 7 per cent, to close the week at USD 81.84 per ounce, and gold rose USD 92.2, or 2 per cent, to USD 4,879.6 per ounce.

Traders will closely monitor crude prices and key US macroeconomic data including retails sales, housing numbers, and consumer sentiments. Provisional manufacturing and services PMI numbers from major economies such as the UK and the US will also remain on investors' radar, analysts added.

Meanwhile, the ceasefire between the US and Iran is set to expire on April 22, which may further influence market sentiment.


Pranav Mer, Vice President, EBG - Commodity & Currency Research, JM Financial Services Ltd, said that exchange-trade fund investors have returned to precious metals over the past week after record liquidation in March. Silver also continues to gain support from improving industrial metal sentiment, particularly copper, along with forecasts of another year of supply deficit.

Brokerage firm Choice Broking said gold and silver held steady around USD 4,800 and USD 80 per ounce on Friday amid improved sentiment after confirmation the Strait of Hormuz would remain open during a 10-day ceasefire between Israel and Lebanon.

However, uncertainty persists as the US naval blockade targeting Iran remains in place until a final agreement is reached, it added.

Analysts will also monitor the US Senate confirmation hearing for Kevin Warsh as the new Federal Reserve Chair is scheduled for Tuesday. Warsh is expected to strike a dovish tone on monetary policy easing, which could lend further support to precious metal prices.