The gold price is slightly off its strong start to 2020 but it's yet to retreat below $US1500 an ounce. Despite a short-term easing in global uncertainty, gold investors appear to be more pessimistic about the longer term.

With the wave of geopolitical risks that have supported safe-haven demand in the last few years diminishing quickly in the last month,  certainty looked to be returning to the market. Equities across the globe have soared to fresh highs, with the S&P/ASX 200 index knocking on the door of hitting 7,000 points.