The gold price is under further pressure today after yesterday’s losses ,as investors continued to liquidate other assets in favour of cash to protect themselves over concerns about the coronavirus outbreak and just how long it will last.
The precious metal is usually treated by investors as a safe haven asset but this time it has come up short as the market ditches everything for stable currencies such as the US dollar, Swiss Franc and Japanese Yen. 
“This is just a continuing trend of gold positions being liquidated as equity markets collapse. There is a trend towards holding cash in the market and that’s being reflected in gold,” said Jeffrey Halley, a senior market analyst at OANDA.
“With the meltdown in asset markets, it’s clear that longer-term gold, silver and palladium holders are liquidating profitable positions to cover losses elsewhere.” He added.
With all the carnage in the markets, investors are wondering when the bottom will come, and when it does according to one analyst gold is going to be one of the assets to be in and will eventually make an all new time high. 
 “There is going to be a bottom here, there is going to be a tremendous buying opportunity. In fact, in my morning note to clients, I made a point to say that I feel very confident that gold is going to be setting a new record high in the intermediate or long-term,” said said Bill Baruch, president of Blue Line Futures.
 “Once gold stabilizes and other asset classes stabilize, you’re going to be able to ride the wave higher.” He added.
While there is such uncertainty surrounding the corona virus, volatility in financial markets is likely to continue and a bottom may be some way off. But with governments such as the US Federal reserve lowering interest rates to almost zero as well as introducing quantitative easing and income-support programs the gold price should begin to rise one these methods take effect and put the economy back on track.