Gold was down but not out on Monday morning in Asia, keeping above the $1,700 mark.
Gold futures were down by 0.26% at $1,709.60 by 11:58 PM ET (4:58 AM GMT), with Asian stocks reporting gains. The yellow metal and stocks usually move in opposite directions.
But with reports of a potential second wave in China and Japan, investors could turn to gold as a safe haven.
China reported 17 new cases on May 10, and put the northeastern city of Shulan, in Jilin province, under lockdown.
The city is on the border with North Korea and the lockdown raised questions about how the isolated country is handling the COVID-19 pandemic.
Meanwhile, in South Korea, fears of a second wave of COVID-19 cases emerged as the country announced 27 cases on May 10, its highest number since March.
The country is seeing an outbreak of cases linked to nightclubs in Seoul’s Itaewon area, just days after announcing the loosening of social distancing measures.
International Monetary Fund head Kristalina Georgieva said on Friday that the organization is considering a downward revision of global economic forecasts.
She also warned the United States and China against r restarting a trade war that could hamper global economic recovery from the virus.
U.S. Federal Reserve regional heads James Bullard, Loretta Mester and Patrick Harker are due to speak at events on Tuesday.