Gold and silver prices experienced a downturn on Thursday (May 23). According to data from goods returns, 24-carat gold prices in India dropped by ₹1,090 to ₹73,420 per 10 grams.On the other hand, 1 kg silver prices were quoted at ₹92,500 after falling by ₹3,300.Globally, gold prices fell for a third consecutive session after minutes from the most recent Federal Reserve meeting hinted at a possible interest rate hike. Spot gold fell by 0.3% to $2,370.74 per ounce, following a more than 1% decline in the previous session.The metal had reached a record high of $2,449.89 on Monday.US gold futures were also down by 0.8% at $2,373.00. The minutes from the Fed meeting indicated that while the current policy would involve maintaining the benchmark policy rate at its current level, some officials were inclined towards raising interest rates in the future.This stance led to a decline in investor confidence in gold, which is often seen as an inflation hedge but becomes less attractive with higher interest rates due to increased opportunity costs, according to news agency Reuters.Tim Waterer, chief market analyst at KCM Trade was quoted as saying in a Reuters report. “There is a chance gold could drift back to support levels around the $2,355 region if the dollar keeps the upward momentum going.”Investors are now adjusting their expectations regarding Fed rate cuts, with traders signalling growing doubts about multiple rate cuts in 2024.Currently, there’s a 73% chance of a rate cut by November.Rahul Kalantri, VP of Commodities at Mehta Equities, believes that gold and silver prices are expected to remain volatile going forward.”Gold has support at $2,352-2,335 per ounce and resistance at $2,390-2,412 per ounce. Silver has support at $30.12-29.80 per ounce and resistance at $30.68-30.90 per ounce. In terms of rupee, gold has support at ₹72,630 per 10 grams and ₹72,410 per 10 grams, with resistance at ₹73,290 per 10 grams and ₹74,550 per 10 grams. Silver has support at ₹92,340 per kg and ₹91,780 per kg, with resistance at ₹93,560 per kg and ₹94,100 per kg,” he said.Click here to register for CNBC Awaaz’s upcoming webinar, Commodity Gurukul