Gold prices rise amid mounting fears of second COVID-19 wave

Gold prices rose on Tuesday morning in Asia, continuing two consecutive losses from the previous sessions amid piling concerns of a second wave of COVID-19 cases.

Gold futures gained 0.42% at $1,705.05 per ounce at 12:05 AM ET (5:05 AM GMT) after investors flocked to the yellow metal as a safe haven.

South Korea had reported a double-digit increase in confirmed cases just days after the country had lowered the numbers to single digits. The second outbreak is speculated to have originated from a nightclub in Itaewon. As of May 11, the country had reported 27 new cases.

China had also reported a number of new cases in Wuhan.

Meanwhile stocks fell on Tuesday morning. Gold and stocks usually move in the opposite directions.

Meanwhile, investors are eyeing a public address by U.S. Federal Reserve Chair Jerome Powell that is expected to be delivered on Wednesday.