The American economy flagged its first big recession signal as it expanded way below estimates in the first quarter.

Gold prices were trading muted this morning with traders and investors bidding no more than $1,990 per troy ounce of the bullion. A lackluster growth report for the US economy wasn’t enough to trigger a flight to safety but analysts are already sounding the alarm.

America’s economic expansion slowed down sharply in the first quarter, adding just 1.1% year-over-year. The GDP print was way below the expectations of a 2% increase and was the first major signal that had analysts calling for a potential recession in the near term.

What is gold’s role in a recession? The precious metal tends to become more attractive in times of instability. Money managers, investment funds, and more recently, central banks, have been stacking up bullion at the highest pace in years, anticipating large-scale shifts in global economic conditions.