Gold prices were steady on Thursday after hitting over one-month highs, as softer U.S. core inflation data lifted expectations that more rate cuts were still on the table, although news of a ceasefire accord between Israel and Hamas capped gains.

Following the US Fed rate cut buzz on soft US core inflation data, MCX gold rate registered gains during early morning deals on Thursday. Gold futures contract on Multi Commodity Exchange (MCX)m for February 2025 expiry opened flat at ₹78,

Front-month gold futures surged to their largest gain in nearly a month, after U.S. core inflation data came in softer than expected, easing inflation pressures and renewing hopes that the Federal Reserve may implement multiple rate cuts this year after all.

Gold prices firmed near one-month highs hit earlier on Thursday after a softer-than-expected core U.S. inflation print increased chances of two Federal Reserve rate cuts this year, with the first likely in June.