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It’s been another volatile week for gold prices. Price surged higher initially, trading up to levels not seen since early 2013, before reversing to end the week in the red (as of writing).

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The main upside driver for gold prices this week has been in the escalation in the coronavirus outbreak. The virus has now started to rapidly intensify outside of China, where new cases have actually started to slow. In Europe, new cases have been confirmed in a number of countries, notably the UK and Italy, where the death till is rising quickly. The increase in the global spread of the virus has seen a dramatic sell-off in equities prices this week. This in turn has fueled a heavy safe-haven bid for gold.

However, despite the initial rally in gold, prices have peeled away from the 1689.33 highs of the week. One of the key reasons for the retracement is the return of the Japanese yen as a safe haven. JPY had been unde...

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