I forget where he said it, but at some point Paul Krugman makes the point that the price of gold will tend to rise when real interest rates are low. He makes a similar point here (written in 2019):
"After all, the price of gold soared from 2007 to 2011... So why did gold soar? The main answer seems to be plunging returns on other assets, especially bonds, which were the product of a depressed world economy."
So we should expect the price of gold to rise while the pandemic is out of control. Once the coronavirus is defeated, we should expect the price of gold to fall.
"After all, the price of gold soared from 2007 to 2011... So why did gold soar? The main answer seems to be plunging returns on other assets, especially bonds, which were the product of a depressed world economy."
https://www.nytimes.com/2019/07/13/opinion/goldbugs-for-trum...
So we should expect the price of gold to rise while the pandemic is out of control. Once the coronavirus is defeated, we should expect the price of gold to fall.