Gold futures moved in a volatile range on Thursday as upbeat US economic data and firm remarks from Federal Reserve officials reduced expectations of further rate cuts, capping the metal’s upside.

On the Multi Commodity Exchange (MCX), December gold futures inched up by Rs 59 or 0.05% to Rs 1,20,581 per 10 grams, compared to the previous close of Rs 1,20,522.

Silver futures for December delivery also edged higher, rising Rs 103 or 0.07% to Rs 1,47,424 per kg, against Wednesday’s close of Rs 1,47,321.