By Gina Lee
Gold was up on Tuesday morning in Asia, reversing its two straight sessions of falls amid mounting fears of a second wave of COVID-19 cases.
South Korea reported double-digit case numbers just days after bringing numbers down to single digits as a new outbreak of cases in an Itaewon nightclub. The country reported 27 cases for May 11.
Meanwhile, China reported the re-emergence of cases in Wuhan.
Gold futures were up by 0.42% at $1,705.05 by 12:05 AM ET (5:05 AM GMT) as investors turned to the safe-haven yellow metal.
Stocks, which usually move in the opposite direction to gold, were down on Tuesday morning.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell is expected to deliver an address on Wednesday, which investors will be closely watching.
