Gold prices were up in Asia on Tuesday following their surge of more than 3% during the previous session.

Gold futures were up by 1.43% at $1,717.9 by 9:24 PM ET (2:24 AM GMT) as investors anticipate further global measures to combat the economic damage caused by the COVID-19 pandemic.

“Physical demand continues to dominate and support gold prices. Massive amounts of stimulus are effectively diluting currencies so gold demand is coming from all directions,” Phil Streible, chief market strategist at Blue Line Futures in Chicago, told CNBC.

Although officials warned that it was too early to say with certainty, the U.S. reported a slowing number of new cases of the virus over the weekend. Italy and Spain also reported falling fatalities.

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