Gold prices rose on Wednesday as fears of prolonged global economic weakness leapt to the fore, pushing aside premature excitement about a possible coronavirus vaccine, and prompted investors to seek safe-haven bullion.

Spot gold was up 0.3% at $1,749.44 per ounce by 10:44 GMT, while U.S. gold futures rose 0.6% to $1,756 per ounce.

“The situation worldwide is still tense as far as the coronavirus is concerned. The economic outlook and a lower interest rate environment and lower stock markets are helping gold prices to go higher,” Afshin Nabavi, senior vice president at precious metals trader MKS SA, said.