Gold prices in domestic and international markets rose ahead of the release of the US GDP data and personal consumption expenditures price index, which is expected to show that growth in the world's biggest economy is slowing down.
The PCE data from the US is the Federal Reserve's preferred gauge for measuring inflation. The central bank is likely to monitor the data closely.
If economic growth is slowing in the US, the Fed may rethink its strategy on monetary policy in the coming months. The market expects the central bank to pause its rate hike cycle in June after a 25-basis point increase in May. This bodes well for gold prices as the yellow metal is a non-yielding metal, which performs well when interest rates are low or not rising any further.
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