Gold prices are rising, supported by worries over surging coronavirus cases, Reuters reports.

Spot gold was up by 0.1% to $1,776.29 per ounce by 0709 GMT, and U.S. gold futures fell 0.3% to $1,785 per ounce.

“We’re seeing some big gains in Hong Kong and Chinese share markets, and that sort of growth-positive movement is generally expected to weigh on gold,” chief strategist at CMS markets Michael McCarthy said.

Financial markets have started recovering in spite of the fact that the rise in the number of coronavirus cases sparks concerns about fast economic recovery.