Gold prices remained in a narrow range on Thursday as traders dug down before the release of the most anticipated figures of the US economic growth and the Fed’s favoured inflation measure, despite strong safe-haven demand keeping the yellow metal near crucial levels.

Bullion prices were just around $2,000 per ounce after bouncing around the level for the previous week due to increasing safe-haven demand and concern about the rate hikes.

Spot gold inched up by 0.1% to $1,990.01 per ounce, while gold futures added 0.2% to $1,999.85 per ounce. The tow instruments advanced roughly for the week.

Attention is now primarily on the United States' first-quarter GDP data, which is due later in the day and is likely to indicate that growth slowed after a stronger-than-forecast fourth quarter.

High interest rates, rising inflation, and declining manufacturing output are projected to have weighed on the economy over the last consecutive three months.