Gold futures were up 0.45% percent at $1,859.57 as of 5:30 a.m. GMT.
“With the three-day holiday in the United States, which means lower liquidity than usual, and a lack of top-tier data until Wednesday, we may find that gold remains nailed to its tight range around $1,850 unless a new catalyst arrives”City Index senior market analyst Matt Simpson told Reuters.
On Monday, federal government offices, stock and bond markets, and the Federal Reserve will close in the United States for the Memorial Day holiday.
Since hitting a three-month low of $1,786.60 per ounce on May 16, 2022, gold has had a mostly positive performance. It is on track to fall for a second consecutive month for the first time since March 2021, with a 2.4 percent drop so far.
“A large part of gold’s underperformance has been due to investors moving to cash as equity markets fell. Whilst lockdowns in China also dented demand. Typically, June is a bearish month for gold but that seasonal pattern appears to have been shifted forward by one month.Matt Simpson explained
Asian stocks rose alongside their American counterparts. While the dollar fell to near five-week lows, as investors bet on a slowdown in US monetary tightening, albeit after sharp hikes in June and July 2022.
In other precious metals trading, silver gained 0.1%, platinum gained 0.1% to $954.51, and palladium gained 0.8%.
Read more: Commodities