Gold, silver prices prediction: Gold rate, silver to fall this week? Check latest forecast

Gold prices are likely to stay volatile but largely range-bound with a bias towards consolidation as investors will keenly follow the US Federal Reserve’s (Fed) policy outcome and remarks from Fed Chair Jerome Powell for cues on the interest rate decision.

US President Donald Trump and his Chinese counterpart Xi Jinping’s meeting in South Korea, and the European Central Bank’s policy review on Thursday are also expected to steer the trajectory of gold rate. Comex gold futures dropped USD 75.5, or 1.8 per cent, over the week.

The yellow metal hit an all-time high of USD 4,398 per ounce on Monday but tumbled by USD 266.4, or 6.11 per cent, on Tuesday, marking its biggest one-day fall in over a decade.Gold witnessed its sharpest one-day decline in over a decade this week, retreating more than 6 per cent as investors booked profits following a prolonged record-setting rally.

The sell-off was largely technical, with prices failing to hold above the USD 4,300 an ounce level, Riya Singh — Research Analyst, Commodities and Currency, Emkay Global Financial Services, said.She added that renewed optimism about US-China trade discussions and a firmer dollar also capped safe haven flows to gold.