Gold headed for $1700?

Coronavirus fears are triggering a run on gold and prices are exploding. After breaching $1,600 an ounce last week, gold has its eyes on the $1,700 an ounce level as coronavirus cases increase outside of China.
April Comex gold futures were last at $1,675.40, up 1.61% after hitting a fresh 7-year high of $1,690.50 early Monday.
The U.S. stock market, in the meantime, sold off with the Dow shedding nearly 1,000 or 3.3%. The S&P 500 also dropped 3.2% along with Nasdaq, which was down 3.8% at the time of writing. The yield on 30-year U.S. Treasury bonds also hit record lows of 1.9% on Monday.

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