Gold price eased in early trade in the domestic futures market on Wednesday, November 22, mirroring global trend, amid expectations that the Fed will not hike rates from here on.

As Reuters reported, the minutes of the October 31-November 1 meeting of the US Federal Reserve showed that the US central bank would proceed "carefully and only raise interest rates if progress in controlling inflation faltered".

Gold eased below the key $2,000 level on Wednesday in international markets. Softer bond yields and the dollar capped the losses for the yellow metal.

The dollar stayed stable compared to other currencies after falling to its lowest point in over two months in the previous session. Meanwhile, the yields on the benchmark US 10-year treasury bonds remained close to their lowest level in two months. When the dollar is weaker, it makes gold less costly for people using other currencies.

MCX Gold traded 0.17 per cent lower at ₹61,118 per 10 grams around 10:15 am.

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What should be your strategy for gold today?

Experts expect the yellow metal to experience some volatility in today's session.

Rahul Kalantri, VP of commodities at Mehta Equities expects gold and silver prices to remain volatile today.

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"Gold has support at $1,981-1,968, with resistance at $2,008-2,021. Silver has support at $23.55-23.40 and resistance at $24.10-23.25. In the Indian rupee terms, gold has support at ₹60,980-60,760, and resistance at ₹61,380, 61,510. Silver has support at ₹72,250-70,880, with resistance at ₹73,870, 74,430," said Kalantri.

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week ahead of the US manufacturing PMI data. Jain believes the manufacturing activity data of developed economies could give further directions to the precious metals. Volatility in the dollar index will also keep bullion volatile.

"Gold and silver have key support at $1,950 and $22.84 per troy ounce respectively and are expected to hold these support levels on a weekly closing basis. Gold has support at $1,988-1,974, and resistance is at $2,014-2,025 per troy ounce. Silver has support at $23.66-23.40, while resistance is at $24.10-24.34 per troy ounce," said Jain.

"On the MCX, gold has support at ₹61,060-60,850 and resistance is at ₹61,400-61,650 while silver has support at ₹72,850-72,200 and resistance at ₹73,800-74,400," Jain said.

Jain suggests waiting for some corrective dips to initiate fresh long positions in gold and silver as the overall trend is still looking bullish for gold and silver.

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According to brokerage firm Motilal Oswal Financial Services, MCX Gold is likely to trade within a range for the session with support at ₹61,000-60,800 and resistance at ₹61,250-61,400. MCX Silver has support at ₹72,700-72,200 and resistance at ₹73,700-74,300.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.