In the past week, global investors have largely shrugged off concerns about fresh pockets of coronavirus infections in some US states, Germany and China, as well as the climbing caseload in Latin America and the Caribbean.

But traders are showing signs Wednesday that they’re getting uncomfortable.

The price of gold, the essential safe haven asset, has climbed above $1,776 per ounce, its highest level in nearly eight years.

“The technical picture now suggests that gold can begin its long-awaited assault on $1,800 an ounce,” Jeffrey Halley, senior market analyst at Oanda, told clients.

In Germany, the DAX fell more than 2% even as the closely-watched Ifo business survey beat expectations and indicated that the country’s recovery is underway.

Concerns about another wave of infections are growing after the German state of North Rhine-Westphalia imposed a new lockdown in the area around a meat processing factory hit by a coronavirus outbreak.

US stock futures are also lower as investors contend with rising cases in states such as California, Florida, Arizona and Texas. Dr. Anthony Fauci, the nation’s top infectious disease expert, warned Tuesday said if the country doesn’t get the pandemic under control by fall, “you’re essentially chasing after a forest fire.”

As countries reopen, the situation in the United States could weigh on the global economy. The European Union may recommend that member states block Americans from visiting their countries due to the spike in Covid-19 cases, according to two EU diplomats.

Remember: Even as investors tread carefully, risky assets like stocks aren’t showing real signs of faltering. The S&P 500 finished Tuesday up nearly 40% from its low point on March 23.

Even absent a surge in cases that leads to fresh lockdowns, economists are still concerned about the strength of the recovery.

Jörg Krämer, the chief economist at Commerzbank, said that despite the upward movement in Germany’s Ifo business climate survey, he thinks the recovery will moderate in the second half of the year.