Last week, gold prices rose by around 7 per cent and reached levels just below $1,700 per ounce, which is the highest level since 2013. The large price spike reflected a huge increase in global risk aversion, due to fears about the economic effects of the Covid-19 coronavirus around the world. Gold rallied partly because asset prices for equities and bonds trade at extended levels and investors sought the protection of the yellow metal when other asset prices declined.  Economists and investors have downgraded their growth forecasts and now anticipate that there will be basically no earnings growth in equity…

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