By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, even after a falling dollar made gold slightly cheaper for investors holding other currencies.

Gold futures fell 0.06% to $1,734.45 by 12:38 AM ET (5:38 AM GMT), with investors retreating from the yellow metal after hopes were raised for Novavax’s COVID-19 vaccine.

The biotechnology company hopes to present results from its phase one clinical trial for its vaccine by July. Based on these results, phase 2 trials will take place in several countries, including the U.S.

Investor sentiment was also buoyed by Japan lifting the state of emergency for the remaining five of its prefectures, including Tokyo.

Stocks, which usually move inversely from gold, were up on Tuesday morning.

But the number of COVID-19 cases continues to climb, and U.S.-China relations continue to simmer in the background.

Meanwhile, investors will look to U.S. Federal Reserve Chair Jerome Powell’s remarks during a scheduled virtual discussion on Friday for clues on further stimulus measures as well as the probability of negative interest rates.

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