Today, gold prices are trading higher, while silver prices have risen by 0.30%. On the Multi Commodity Exchange, gold June futures are currently trading at Rs 60,323 per 10 grams, up Rs 143 or 0.24%. Silver May futures have increased by Rs 221 to Rs 75,033 per kg on MCX.

Internationally, gold prices have rebounded after two consecutive sessions of losses, as the dollar softened. Investors are also seeking further clarity on the U.S. Federal Reserve's monetary policy stance. As of 0457 GMT, spot gold has risen by 0.2% to $2,001.09 per ounce, while U.S. gold futures have increased by 0.2% to $2,011.10.

Gold and silver prices experienced a downturn on Monday, with both metals trading around their support levels of $2000 and $25.00, respectively. Gold dipped below the crucial $2,000 mark due to a stronger dollar and higher Treasury yields, as investors looked for indications of a potential 'one and done' rate hike by the U.S. Federal Reserve in May. The strengthening U.S. dollar and rising bond yields, coupled with profit-taking from recent gains, have exerted pressure on precious metals.

In today's trading session, gold and silver prices are expected to remain volatile. Gold has support at $1982-1970, with resistance at $2012-2024. Silver's support lies at $24.84-24.71, while resistance is at $25.28-25.42. In INR terms, gold has support at Rs 59,940-59,750 and resistance at Rs 60,420, 60,590. Silver has support at Rs 74,120-73,510 and resistance at Rs 75,450–76,050, according to Rahul Kalantri, VP Commodities at Mehta Equities.

Gold prices have inched lower, falling below the key $2,000 level, as a result of a stronger dollar and higher Treasury yields. Investors are also looking for cues on whether the market will see a 'one and done' rate hike by the U.S. Federal Reserve in May. The U.S. dollar has gained more than 1%, from lows of around 100.80 to around the 102 mark, while benchmark Treasury yields have climbed to a more than two-week high.

Safe-haven assets have faced increased pressure following data that showed manufacturing activity in New York state increased for the first time in five months. This has fueled bets of a 25 bps rate hike by the Fed at its May meeting. Comments from Fed officials also suggest that the inflation target of 2% is still far away. The U.S. central bank has more work to do, and the probability of further rate hikes in the next Fed meeting has increased. According to the CME Fedwatch tool, the probability of a 25 bps rate hike in the May meeting has now risen to more than 80%.

Silver has also experienced profit booking, following gold's decline, with a drop of more than 1%. Today's focus will be on Eurozone economic sentiment data and U.S. housing numbers. The broader trend on COMEX could be in the range of $1985-2010, and on the domestic front, prices could hover in the range of Rs 59,750-60,650, as stated by Manav Modi of MOFSL.