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If you have been putting it off, now is a perfect time to buy according to BNP Paribas. The French international bank says it expects gold prices to rise to around $1675 between April and June – this is a second revision upwards from the bank which previously raised its price forecast by $100 in late March.

Its analysts say that they fully expect gold to be in high demand due to the market instability caused by coronavirus – the precious metal is a well-established safe haven and has really come into its own during this crisis with prices and behaviour echoing that of the 2008 recession.

Two of the bank’s heavy guns, Michael Sneyd who is head of macro quantitative and derivatives strategy and Harry Tchilinguirian, commodities economist said in their briefing, “The recessionary fallout of the COVID-19 outbreak on the global economy suggests investors are likely to continue to seek refuge in gold.

“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.

“In addition, gold’s role as a hedge in investor portfolios will be put to use in the case of losses in other asset classes, such as a strong correction in equity markets.”

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