Gold was driven lower in the early days of the crisis by a mass liquidation in assets and a rush to cash. Now that volatility is fading, it's shining again.
It's risen in three of four days this week, including a $10 gains to $1626 today. On Tuesday it broke the 61.8% retracement and yesterday it went back and tested that level; now it's ready for another push higher.
Importantly, the gain is coming with the US dollar broadly weaker. US Treasury bills are trading at -0.17% and that's a significant dollar headwind now that the panic phase of dollar hoarding appears to be over.
CIBC highlights how the entire episode is like the financial crisis but faster. They also note that miners are trading below net asset value, something that might have to do with shutdowns.