There is still no resolution to the conflict between the U.S., Iran, and Israel. Consequently, the gold price reacts nervously to every piece of news.
Advertisement/Advertising - This article is distributed on behalf of OR Royalties Inc. and Gold Royalty Corp., with which SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 28/04/2026, 2:45 p.m. Zurich/Berlin
It is generally expected that both the Fed and the ECB will leave interest rates unchanged. Higher energy prices are certainly exacerbating stagflation risks, so interest rates will likely remain where they are for the time being. The same applies to the Bank of England and the Bank of Japan. Regarding market sentiment, it is evident that consumer confidence is waning and the war continues to create uncertainty. Here in Germany, the desire to spend is dwindling, and consumer sentiment is at its lowest level since February 2023.
However, the propensity to save remains high here. According to the ifo Index, sentiment in the German economy is now also at its lowest level since the pandemic. Interest rate expectations are certainly a significant factor in the development of the gold price. Should progress be made between the U.S. and Iran, this should also give the gold price another boost. Since the beginning of the year, the gold price has, after all, posted a return of eight percent so far.
Given the current environment, the World Gold Council speaks of “potential for a prolonged but healthy consolidation phase within a long-term uptrend.” The price of the precious metal has been trending sideways for days. For technical analysts, the fact that the gold price was able to overcome the hurdles at $4,381 and $4,642, and at $4,840 per troy ounce in early April, is a sign that the long-term uptrend remains intact. Gold will therefore continue to be in the spotlight for investors, as will the stocks of gold companies and royalty companies.
Gold Royalty - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ - focuses on gold, silver, and copper, as well as gold properties in North and South America. Record revenues were achieved in the fourth quarter of 2025 and for the full year 2025. The first quarter of 2026 once again brought the company record revenues.
OR Royalties - https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ - focuses on gold, silver, and copper with holdings and royalty streams in Canada, Australia, and the U.S. New royalty streams were recently added. The company pays dividends. The year 2025 saw record revenue. The first quarter of 2026 also ended with record revenue from streams and royalties. The latest deal is a precious metals stream from Canadian Copper’s projects in New Brunswick.
Current company information and press releases from OR Royalties (- https://www.resource-capital.ch/en/companies/or-royalties-inc/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).
You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/
Sources: OR Royalties, Gold Royalty,
https://www.tagesschau.de/wirtschaft/konjunktur/gfk-verbraucher-konsum-100.html;
https://www.tagesschau.de/wirtschaft/konjunktur/ifo-index-stimmung-wirtschaft-100.html;
https://www.gold.org/goldhub/gold-focus/2026/04/weekly-markets-monitor-fed-policy-drivers-seat;
https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/
In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer's stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 - 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
Advertisement/Advertising - This article is distributed on behalf of OR Royalties Inc. and Gold Royalty Corp., with which SRC swiss resource capital AG maintains paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: 28/04/2026, 2:45 p.m. Zurich/Berlin
It is generally expected that both the Fed and the ECB will leave interest rates unchanged. Higher energy prices are certainly exacerbating stagflation risks, so interest rates will likely remain where they are for the time being. The same applies to the Bank of England and the Bank of Japan. Regarding market sentiment, it is evident that consumer confidence is waning and the war continues to create uncertainty. Here in Germany, the desire to spend is dwindling, and consumer sentiment is at its lowest level since February 2023.
However, the propensity to save remains high here. According to the ifo Index, sentiment in the German economy is now also at its lowest level since the pandemic. Interest rate expectations are certainly a significant factor in the development of the gold price. Should progress be made between the U.S. and Iran, this should also give the gold price another boost. Since the beginning of the year, the gold price has, after all, posted a return of eight percent so far.
Given the current environment, the World Gold Council speaks of “potential for a prolonged but healthy consolidation phase within a long-term uptrend.” The price of the precious metal has been trending sideways for days. For technical analysts, the fact that the gold price was able to overcome the hurdles at $4,381 and $4,642, and at $4,840 per troy ounce in early April, is a sign that the long-term uptrend remains intact. Gold will therefore continue to be in the spotlight for investors, as will the stocks of gold companies and royalty companies.
Gold Royalty - https://www.commodity-tv.com/ondemand/companies/profil/gold-royalty-corp/ - focuses on gold, silver, and copper, as well as gold properties in North and South America. Record revenues were achieved in the fourth quarter of 2025 and for the full year 2025. The first quarter of 2026 once again brought the company record revenues.
OR Royalties - https://www.commodity-tv.com/ondemand/companies/profil/or-royalties-inc/ - focuses on gold, silver, and copper with holdings and royalty streams in Canada, Australia, and the U.S. New royalty streams were recently added. The company pays dividends. The year 2025 saw record revenue. The first quarter of 2026 also ended with record revenue from streams and royalties. The latest deal is a precious metals stream from Canadian Copper’s projects in New Brunswick.
Current company information and press releases from OR Royalties (- https://www.resource-capital.ch/en/companies/or-royalties-inc/ -) and Gold Royalty (- https://www.resource-capital.ch/en/companies/gold-royalty-corp/ -).
You can also find further information in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/
Sources: OR Royalties, Gold Royalty,
https://www.tagesschau.de/wirtschaft/konjunktur/gfk-verbraucher-konsum-100.html;
https://www.tagesschau.de/wirtschaft/konjunktur/ifo-index-stimmung-wirtschaft-100.html;
https://www.gold.org/goldhub/gold-focus/2026/04/weekly-markets-monitor-fed-policy-drivers-seat;
https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/
In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we hereby disclose that authors/employees/affiliated companies of SRC swiss resource capital AG may hold positions (long/short) in issuers discussed. Remuneration/relationship: IR contracts/advertorial: Own positions (author): none; SRC net position: less than 0.5%; issuer's stake in SRC ≥ 5%: no. Update policy: no obligation to update. No guarantee for the translation into German. Only the English version of this news release is authoritative.
Disclaimer: The information provided does not constitute any form of recommendation or advice. We expressly draw attention to the risks involved in securities trading. No liability can be accepted for any damage arising from the use of this blog. We would like to point out that shares and, in particular, warrant investments are generally associated with risk. The total loss of the capital invested cannot be ruled out. All information and sources are carefully researched. However, no guarantee is given for the accuracy of all content. Despite the utmost care, I expressly reserve the right to errors, particularly with regard to figures and prices. The information contained herein comes from sources that are considered reliable, but does not claim to be accurate or complete. Due to court rulings, the content of linked external sites is also our responsibility (e.g., Hamburg Regional Court, in its ruling of May 12, 1998 - 312 O 85/98), as long as we do not expressly distance ourselves from them. Despite careful content control, I assume no liability for the content of linked external sites. The respective operators are solely responsible for their content. The disclaimer of SRC swiss resource capital AG, which is available at https://www.resource-capital.ch/de/disclaimer-agb/, applies additionally.
