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.

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 held a decline as comments from Federal Reserve officials over the weekend reinforced the view the US central bank will take a more cautious approach to cutting interest rates this year.

Gold prices extended gains on Tuesday after U.S. inflation data came in slightly weaker than expected, giving investors faint hope that the Federal Reserve would continue on its rate-easing path this year,

Gold prices surged to a one-month peak on Thursday, nearing $2,700 per ounce, as softer U.S. inflation data fueled hopes of lower interest rates in 2025. Spot gold rose to $2,697.45 an ounce, while February gold

Gold prices rose to a more-than-one-month high on Thursday after the latest U.S. economic data pressured the Treasury yields further, following a soft core inflation reading this week that increased bets for a more dovish Federal Reserve policy.