Gold prices drop as easing lockdown measures increase investor risk appetite

Gold prices fell on Tuesday morning in Asia after some countries eased on quarantine measures and reopened their economies.

Gold futures slid by 0.52% at $1,704.40 per ounce at 12:37 AM ET (5:37 AM GMT) after Italy and several U.S. states restarted their economies on Monday.

Investors flocked to stocks after an increase in risk appetite. Gold and stocks often move in opposite directions.

Swiss-based refining company Valcambi and Argor-Heraeus said that they were returning back to operational level after Switzerland had alleviated some of its lockdown measures on the day prior.

Tensions between the U.S. and China about the origin of the virus helped keep the precious metal above the 1,700-mark and maintain its safe-haven status.

China had denied any claims made by U.S. officials during the weekend that the virus produced in a Wuhan-based lab.