There are always phases in the financial markets, as investors are investing in the end, only in certain investments because they want to reckon with further price increases and benefit from it. This is the Gold already?
Differently than, for example, in the case of real estate, the Gold has no regular income; it can, therefore, not so easily determine whether the price of the development of the income has disconnected. The price of gold is rising now because people want to hedge against risks from the Corona-crisis. Supportive in addition, the interest rates are so low that other fixed income investments are less attractive. The latter will remain so for the foreseeable future. This will support Gold further.
Well possible, however, that after the rapid price pullback rise time, come back again and at some point, when the crisis subsides, the interest in the Gold basically goes back. This is likely to take. Many private investors who buy Gold, don’t want to use it to protect anyway against disasters, you will have to squint on the short-term value development. That is now but a bursting bubble, in the sense that Gold suddenly loses dramatically in value, is not very likely.