Last week, gold prices hit a seven-year high, breaking through the $1,700-per-ounce level and closing at $1,752.80 per ounce—a gain of more than $100 per ounce (see the following chart). Gold Futures Contracts—Weekly Source: StockCharts.com According to Kitco News , international banking company BNP Paribas believes that gold will continue to appeal to investors as a safe haven as we face the economic uncertainties caused by COVID-19. Governments across the world are wrestling with the challenge of getting their economies back on track in the midst of trying to contain the coronavirus. President Trump is pushing for a limited opening of different sectors and areas in the U.S., possibly in May. Other countries have discussed needing more time before restarting, possibly extending into summer. Kitco reports, “‘The recessionary fallout of the COVID-19 outbreak on the global economy suggests investors are likely to continue to seek refuge in gold,’ said BNP Paribas commodities economist Harry Tchilinguirian and head of macro quantitative and derivatives strategy Michael Sneyd. … “‘With the Federal Reserve moving its policy rate to the lower bound and turning to unlimited quantitative easing, and other banks taking similar action, we expect real rates to remain in negative territory as nominal yields are suppressed. This raises the incentive to hold gold, particularly in such an uncertain economic environment,’ Tchilinguirian and Sneyd wrote on [March 30].” Rick Andrews is president of Avant Capital Management.