Gold prices eased by ₹125 to ₹1,12,430 per 10 grams in the domestic futures market on Thursday, tracking a flat trend overseas as traders stayed cautious ahead of key U.S. inflation data.

On the Multi Commodity Exchange (MCX), the yellow metal futures for October delivery fell ₹125 or 0.11% to ₹1,12,430 per 10 grams in a business turnover of 6,314 lots.

The December contract also shed ₹147 or 0.13% to ₹1,13,500 per 10 grams in 11,823 lots.

However, Silver futures for the December contract rose ₹124 or 0.09% to ₹1,34,126 per kilogram in 17,121 lots. Its March 2026 contract climbed ₹147 or 0.11% to ₹1,35,563 per kg.

Globally, gold and silver futures were trading flat at $3,768.50 per ounce and $44.19 per ounce, respectively.

Analysts said gold was trading flat near the $3,750 level as expectations that the U.S. central bank would cut rates twice this year limited the dollar's rally to a two-week high, lending some support to bullion.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, said: "U.S. macroeconomic data also added complexity to the outlook. New-home sales in August unexpectedly surged to their fastest pace since early 2022, easing concerns over an economic slowdown and clouding expectations for additional Federal Reserve easing."

He added that gold's safe-haven appeal remained supported by geopolitical tensions stemming from the intensifying Russia-Ukraine war and conflicts in the Middle East.

Meanwhile, Fed Chair Jerome Powell maintained a cautious tone, underlining the difficulty of balancing persistent inflation with a slowing labour market. While some policy makers favour two more rate cuts this year, others are advocating a slower or more aggressive approach, keeping gold prices capped.

According to commodities market experts, investors are now closely tracking U.S. macroeconomic data releases, including the final second-quarter GDP, weekly jobless claims, and durable goods orders due later in the day.

"The spotlight, however, remains on Friday's release of the Personal Consumption Expenditure (PCE) Price Index, the Fed's preferred inflation gauge, and upcoming speeches by Federal Open Market Committee (FOMC) members for fresh cues on the monetary policy direction, an expert said.

Gold slips ₹125 to ₹1,12,430/10 g in futures trade as investors eye U.S. inflation data