The coronavirus is ravishing China … and may soon ravish the USA as well. As a result, the inverse correlation between gold and the US dollar is weakening and resembles the weakening that occurred during the financial crisis.
Yes, gold is rising again in the face of coronavirus fears ravaging the Chinese economy.
The CFTC’s Gold Non-commercial long contracts/futures remains near an all-time high.
Here is the gold/US dollar volatility surface.