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

The gold price and silver rate are expected to be volatile as tensions mount in West Asia and macroeconomic data determine whether the rally will continue or undergo a correction, analysts said. In international markets, Comex silver closed the week at $81.84 per ounce, increasing by $5.36, or 7 percent, while gold rose by $92.2, or 2 percent, to $4,879.6 per ounce.

Investors will closely watch crude oil prices and key U.S. macroeconomic data, including retail sales, housing counts and consumer confidence. Analysts added that provisional manufacturing and services PMI figures of major economies such as the UK and the USA will also remain on investors’ radar.

Meanwhile, the ceasefire between the US and Iran is expected to end on April 22, which could further impact market sentiment.

Exchange-traded fund investors returned to precious metals last week after record liquidations in March, said Pranav Mer, Vice President, Commodity and Currency Research – JM Financial Services Ltd, EBG. Silver also continues to receive support from improving industrial metal sentiment, particularly copper, along with forecasts of another year of supply shortages.

Brokerage Choice Broking said gold and silver remained steady around US$4,800 and US$80 per ounce on Friday, amid increased confidence following confirmation that the Strait of Hormuz would remain open during the 10-day ceasefire between Israel and Lebanon.

However, it was stated that uncertainty continues as the US naval blockade targeting Iran continues until a final agreement is reached.
Analysts will also be monitoring Kevin Warsh’s U.S. Senate confirmation hearing as a new Federal Reserve Governor is scheduled to be appointed on Tuesday. Warsh is expected to strike a dovish tone on easing monetary policy, which could provide further support to precious metal prices.