Asian stocks were set for gains after a strong Wall Street session as easing lockdown restrictions by some countries and U.S. states buoyed sentiment, despite another decline in oil prices.

Gold tends to benefit from widespread stimulus measures as it is often seen as a hedge against inflation and currency debasement. (Photo: Reuters)

Gold fell on Tuesday as risk appetite was boosted by plans of some countries to ease coronavirus curbs in a phased manner, but prices held above the key $1,700 per ounce level amid hopes for more stimulus to cushion the fallout from the pandemic.

Spot gold eased 0.7% to $1,702.09 per ounce by 0139 GMT. U.S. gold futures fell 0.3% to $1,719.20 per ounce.

Asian stocks were set for gains after a strong Wall Street session as easing lockdown restrictions by some countries and U.S. states buoyed sentiment, despite another decline in oil prices.

While investors awaited the European central bank’s next move, the Bank of Japan expanded monetary stimulus on Monday and pledged to buy an unlimited amount of bonds to keep borrowing costs low.

Gold tends to benefit from widespread stimulus measures as it is often seen as a hedge against inflation and currency debasement.

China’s net gold imports via Hong Kong in March nearly trebled from the previous month as the country began gradually easing coronavirus restrictions, but imports were still down 63% from last year as the pandemic choked demand, data showed.

Gold loves a crisis, the old adage goes. And with prices up 13% this year to their highest since 2012 and many predicting further gains as investors search for safe places to put their money, it looks true for the coronavirus crisis so far.

Palladium rose 0.6% to $1,937.16 an ounce, platinum was little changed at $758.08 per ounce and silver slipped 1.6% to $15.03 per ounce.

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