Gold and Silver prices fell sharply on Thursday, with Gold dipping near $4,400 per ounce and Silver briefly below $74, before recovering somewhat, highlighting heightened short-term market uncertainty, Commerzbank's commodity analyst Carsten Fritsch notes.

Volatility in Gold and Silver looks set to continue

"Gold and Silver prices fell sharply yesterday. Gold slipped to almost $4,400 per troy ounce, while Silver briefly fell below $74 per troy ounce. However, prices have since recovered noticeably. In any case, the last few days have been marked by considerable price fluctuations. This may indicate uncertainty about the short-term price outlook."

(This story was corrected on January 9 at 15:10 GMT to remove references to expectations about the US Nonfarm Payrolls data, which was already released at the time of the publication of this article.)