Gold price moved up in the domestic futures market Thursday morning ahead of US inflation data, which will shape expectations for the US Federal Reserve's monetary policy stance.

The US Consumer Price Index (CPI) prints for September are due today, and Producer Price Index (PPI) data will be out on Friday.

Expectations of further rate cuts by the US Fed in the coming months and geopolitical tensions are the two key factors supporting gold prices.

Recent macro data in the US has poured cold water on the expectations of an aggressive rate cut by the Fed. According to a Reuters report, markets now see an 80 per cent chance of a 25-basis-point Fed rate cut in November.

Meanwhile, the minutes of the September Fed meeting, released on Wednesday, revealed that a "substantial majority" of Fed officials supported the start of easier monetary policy with a 50 bps rate cut. However, they agreed that further easing would be data-driven.

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The US CPI data will be a key factor influencing the Fed's monetary policy stance. Experts remain positive about gold's prospects due to tensions in the Middle East and the Fed's monetary easing cycle.

Gold tends to gain during times of low interest rates and amid periods of economic and geopolitical uncertainty.

MCX Gold for December 5 expiry traded 0.08 per cent up at ₹74,997 per 10 grams around 9:30 am.

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Experts unveil strategy for MCX Gold

Experts expect gold prices to fluctuate in today's session ahead of US inflation data. The dollar's movement and news about Israel-Iran tensions will also influence gold prices.

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $2,622-2,600 and resistance at $2,634-2,658 per troy ounce, and silver has support at $30.40-30.10, while resistance is at $31.00-31.35 per troy ounce in today’s session.

Jain said that on the MCX, gold has support at ₹74,700-74,440 and resistance at ₹75,200-75,500, while silver has support at ₹88,200-87,700 and resistance at ₹89,500-90,200.

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According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $2,605–2,580, with resistance at $2,644–2,660. Silver has support at $30.20–30.00 and resistance at $30.84–30.99.

For gold priced in INR, support is seen at ₹74,780–74,570, while resistance is at ₹75,290–75,470. Silver has support at ₹88,050–87,550, with resistance at ₹89,590–90,280, said Kalantri.

Experts at brokerage firm SMC Global Securities believe gold may trade in the range of ₹74,800-75,200, and silver may trade in the range of ₹88,500-89,200, with sideways to bullish bias.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.