Gold prices slipped on future trade on Wednesday as the U.S. dollar showed strength amid a slump in demand at the spot market and lacklustre trend in the global market.

Silver prices also fell amid a fall of demand in industrial units and coin markets.

A stronger U.S. dollar usually means a drop of the gold prices as the demand for the precious metal falls because its prices become more expensive in the peer currencies.

Gold prices are trading at €1,147.35 an ounce at the time of writing this piece.

Meanwhile, Commerzbank said it expects the price of gold will climb to 1,400 an ounce and silver to $16.50 before the end of 2019.

“We are still convinced that gold will climb noticeably during the course of the year,” Kitco quoted Commerzbank as saying. The Commerzbank cited "the premature end to the Fed's rate-hike cycle, continued ultra-expansionary monetary policy of the European Central Bank, possibly stronger demand in China and India again and a possible revival of investment demand in the West" to support their prediction.

Sources: Economic Times, Kitco