The price of gold remains stable above $4,500 per ounce! That’s truly remarkable!

As of April 21, 2026, spot gold traded at about US$4,785.56 per troy ounce and therefore remained roughly 14.5% below the Reuters-reported record high of US$5,594.82 per ounce reached on January 29, 2026. Even so, several of the drivers behind the rally remain in place. Banks and analysts continue to point to persistent demand from investors and central banks, geopolitical uncertainty, and the prospect of lower real rates as supportive factors for gold. By contrast, periods of US dollar strength and fears that interest rates could stay higher for longer can weigh on the metal because they increase the opportunity cost of holding a non-yielding asset.

Short-term volatility remains elevated. Reuters reported on April 21, 2026 that gold eased as the US dollar firmed and markets watched whether the US and Iran would move closer to talks, underscoring how quickly geopolitical headlines can affect the gold market. Nevertheless, UBS continues to argue that the broader uptrend can resume, citing robust demand from central banks and investors, elevated government debt, diversification trends, and the prospect of Fed rate cuts later in the year.

According to the World Gold Council, total gold demand in 2025, including OTC demand, exceeded 5,000 tonnes for the first time. UBS stated in late March 2026 that it expects gold to end 2026 at around US$5,900 per ounce. Gold equities should also benefit from a firm gold price environment with strong operating margins and increased cash flow,although company-specific operating, permitting, financing and execution risks remain important and should be considered separately in each case.

Equinox Gold – https://www.commodity-tv.com/… gold-corp/ – is a North America-focused gold producer anchored by two Canadian operations, with additional production in the United States and Nicaragua and a pipeline of expansion projects. On April 9, 2026, the company reported Q1 2026 gold production of 197,628 ounces, including 87,402 ounces from its two Canadian operations. In the same release, Equinox stated that it had reduced debt by US$990 million during the quarter. The company also highlighted that its new Valentine mine reached an average of 101% of nameplate throughput in February and March 2026, while its Greenstone mine continued to benefit from the operational improvements made in 2025. With strong cash flow and a massive reduction in debt, Equinox has initiated a capital returns strategy and paid its inaugural quarterly dividend in March 2026. In addition to the expectation of production 700-800,000 oz of gold in 2026, the company says two of its expansion projects – Castle Mountain in California, USA and Los Filos in Mexico – together have the potential to contribute more than 450,000 ounces of additional annual production once in operation, giving Equinox one of the strongest growth profiles in the industry.

Mayfair Gold – https://www.commodity-tv.com/… gold-corp/ – holds a 100% interest in the Fenn-Gib Gold Project in Northern Ontario, east of Timmins. In January 2026, the company released a Pre-Feasibility Study for Fenn-Gib. According to that study, the project hosts an indicated mineral resource of 181.3 million tonnes grading 0.74 g/t gold for 4.3 million ounces of gold. In its April 2, 2026 news release on the Plato transaction, Mayfair said it is advancing permitting activities, detailed engineering and stakeholder engagement with the goal of starting construction in 2028 and initial production in 2030. The same transaction added three nearby properties and, according to the company, increased its land holdings near Fenn-Gib by more than 65%.

Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources:

Reuters, April 21, 2026; UBS CIO, "Can the gold rally resume?", March 30, 2026; World Gold Council, Gold Demand Trends Q4 and Full Year 2025, January 29, 2026; Equinox Gold news release, April 9, 2026; Equinox Gold corporate materials, February-April 2026; Mayfair Gold news releases, January 8, 2026 and April 2, 2026; https://www.resource-capital.ch/…

In accordance with Section 85 of the German Securities Trading Act (WpHG) in conjunction with Article 20 of Regulation (EU) 2016/958 (MAR), we disclose that authors, employees and/or affiliated companies of SRC swiss resource capital AG may hold long and/or short positions in issuers mentioned in this publication. This publication is an advertisement / marketing communication and not independent investment research. Remuneration / relationship: SRC swiss resource capital AG has a paid IR advisory agreement with Equinox Gold Corp. Author’s own position: none. SRC net position: less than 0.5%. Issuer’s stake in SRC of 5% or more: no. Unless required by law, there is no obligation to update this publication.

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