Gold ends higher but holds above $2,000

Gold prices closed in the green today, April 27, after the release of some economic readings and as investors assessed the prospects for US monetary policy.

The US economy slowed sharply from January through March, decelerating to just a 1.10% annual pace, today’s estimate from the Commerce Department showed.

This was against expectations for growth in the nation’s gross domestic product (GDP) at an annualized pace of 2% in the first quarter.

Figures from the CME FedWatch Tool indicated an almost 90% probability that the US central bank will lift its benchmark rate by 25 basis points (bps) at the forthcoming May 2-3 meeting.

Investors are awaiting the release of March data on the US personal consumption expenditures (PCE) tomorrow, April 28.

At settlement today, gold for June delivery climbed 0.20%, or $3, to $1,999 an ounce.

Similarly, the US dollar index, which gauges the greenback's strength against a basket of six currencies, saw a modest gain of 0.06% to 101.52 points at 8:51 pm Makkah time.