Coronavirus crisis drives the price of gold to seven-year highs above $1,700 - could the precious me

The gold price has topped $1,700 as investors sought safe havens in response to the coronovirus crisis, which has sparked fears of a global pandemic.

A health catastrophe on this scale is unprecedented in a globalised economy, and it is unclear at present when it might start to subside.

On the financial front, market panics and emergency measures like last week's 0.5 per cent rate cut in the US could be a sign of things to come, and may drive the gold price above its all-time peak of $1,900 in summer 2011.

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