Gold edged higher today on safe-haven buying fuelled by worries about the fast-spreading coronavirus outbreak, but a rise in equity markets limited bullion’s gains.

Spot gold was up 0.2% at $1,637.89 per ounce by 07:54 GMT while U.S. gold futures were down 0.3% at $1,638.70.

In other metals, palladium slid 2.6% to $2,509.98 per ounce.

“The virus has spread to over 80 countries and tensions are escalating day-by-day; investors don’t know what will happen next and they prefer investing in gold because of its safe-haven appeal,” said V. Hareesh , head of commodity research at Geojit Financial Services.