Gold edged toward the highest since 2012, supported by concerns over a second wave of coronavirus infections and China’s move to tighten oversight of Hong Kong.

Virus cases in some regions including Germany, Florida, California and Texas are rising and the World Health Organization is warning of “a new and dangerous phase,” though there are signs that a recent outbreak in Beijing is coming under control. China confirmed the proposed national security law would allow Beijing to override Hong Kong’s legal system, likely adding to tensions with the U.S.

Spot gold was up 0.3% at $1,748.41 an ounce by 10:55 a.m. in London, after touching the highest since May 18, when prices reached a level last seen in 2012. Silver and platinum also gained, while palladium was little changed.

Gold is up 15% this year, buoyed by unprecedented stimulus to aid the global economy hurt by the pandemic. Goldman Sachs is forecasting a record $2,000 an ounce over the next 12 months, while JPMorgan Chase said investors should stick with gold as it is most leveraged to a low real-yield environment.

“Covid-19 worries together with the eventual inflationary impact of central bank stimulus are providing the support for gold,” said Ole Hansen, head of commodity strategy at Saxo Bank. While recent gains have once again attracted some profit taking, buyers are also returning, he said.

Net bullish bets in futures and options rose for the first time in four weeks, recovering from a one-year low, Commodity Futures Trading Commission data showed on Friday.

Investors also continue to pile into gold-backed exchange-traded funds, which boosted their holdings by almost 30 tons on Friday, according to initial data compiled by Bloomberg. Of that inflow, about 23 tons went into SPDR Gold Shares, the most in a year in tonnage terms.