Ann: H1 FY20 Appendix 4D and Half Year Report, page-118

exactly the same as gold. no global growth rates golds gets smashed. No buyers of gold at gold companies will need to sell at lower prices. since we wont have any inflation as per your scenario then there's no point for gold to be bought by commercial buyers.

If you looked at commitment of traders the specs (i.e retailers were bullish) while commercials were not bullish. Because nobody is going to lock in to buy gold at high prices when there is less demand as people liquidate gold for cash. people want to bag bitcoin vs gold but it is the same thing. Oil getting cheaper means every gold mine can produce gold profitably. Thus excess gold. Whereas iron ore there is only mainly 3 -4 major producers worldwide with one taken out for the time being.

your best scenario is governments get together to stimulate and lessen the damage from the coronovirus. then thats when you get an improving economy that has inflation running hot then in that scenario gold performs.