Gold was down on Tuesday morning in Asia with some countries easing lockdown measures and restarting their economies.

Gold futures were down by 0.52% at $1,704.40 by 12:37 AM ET (5:37 AM GMT) as Italy and some U.S. states reopened some parts of their economies the day before.

Investors’ increased appetite saw stocks, which usually moves in the opposite direction to gold, post gains.

Swiss-based Valcambi and Argor-Heraeus said they were almost back to pre-COVID-19 operation after Switzerland also relaxed lockdown measures the day before. The companies are two of the world’s biggest gold refiners.

But ongoing U.S.-China tensions, with the two countries argued about origins of the COVID-19 virus, helped to keep the yellow metal above the 1,700 mark and retain its safe-haven crown. 

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