It will probably take over a year to go back to pre-covid economic levels. Central banks and government will keep pumping money to support the economy, which is a long-term tailwind for Gold. The precious metal will also continue to be attractive as a portfolio diversifier, its cost to hold is cheap considering low or negative interest rates.
Gold hit fresh highs on rising momentum (left chart). Gold shares should be catching up after emerging out of a double bottom (right chart of Newmont mining) Focus on large cap, open pit low-cost producers (Barrick GOLD, Newmont NEM) or gold streaming companies like Franco-Nevada FNV or Royal Gold RGLD.