Gold Price Analysis: XAU/USD surges to new weekly highs amid California's coronavirus emergency

Gold prices are on the rise again. The safe-haven asset is responding to a worsening market mood amid the coronavirus crisis. The US state of California – home to Silicon Valley – has declared a state of emergency after confirming the first death from the disease. Moreover, the virus is spreading all over the world and causing disruptions.

After a spell of calm and a rate cut by the Fed, the precious metal is on the rise again. IT is trading around $1,64, the highest this week.

The next level is $1,663 and then the seven-year high of $1,689.