Gold rebounding from two-week lows

Holiday-thinned market conditions are supporting gold prices and keeping EUR/USD trading sideways.

By Farah Mourad | 27 May 2024

Market open
  • Asian markets showing moderate gains

  • EUR/USD remains stable around 1.0850

  • U.S. and UK markets are closed today for public holidays

Stock Market

Asian markets are experiencing a moderately positive session today, with Chinese indexes leading the region in gains. Futures for European indexes are pointing towards a slightly lower opening.

Both U.S. and UK markets are closed today due to public holidays—Memorial Day in the United States and the Spring Bank Holiday in the United Kingdom. This closure might contribute to lower trading volumes globally.

Currency Market

Volatility remains low in the early part of the day. The New Zealand dollar and the Australian dollar are among the strongest performers. The EUR/USD pair is trading sideways around 1.0850, largely due to a lack of new fundamental drivers and the impact of the holiday-thinned market conditions.

The President of the Bank of Japan, Kazuo Ueda, has reiterated the bank's cautious approach to achieving its inflation target. Ueda noted progress in moving towards positive price dynamics and higher inflation expectations.


Gold prices are recovering from two-week lows early Monday. The thin market conditions due to the U.S. holiday are supporting buyers. Additionally, renewed optimism about China's economic growth and a fresh escalation in the conflict between in the Middle East are further supporting gold prices.