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The price of gold did not change much in April. The price was supported by ETF inflows and a weaker U.S. dollar.

Advertisement – This article is distributed on behalf of U.S. GoldMining Inc. and Amex Exploration Inc., with which SRC swiss resource capital AG has paid IR advisory agreements · Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: May 12, 2026, 6:30 a.m. Zurich/Berlin ·

The structural uptrend has not yet resumed. The gold price appears to be in a holding pattern. In any case, ETF inflows were strong in April, particularly in Europe. The closure of the Strait of Hormuz has not yet lost its terror. On the contrary, fears in Europe regarding the consequences of the closure appear to be intensifying, and with them, ETF inflows. ETFs also recorded inflows in Asia and the U.S. The crisis is not yet over, but there is optimism.

From a technical analysis perspective, the long-term uptrend continues, although gold’s appeal as a safe haven has likely waned somewhat. While demand from central banks remains solid, the crisis has shown that gold is viewed as a liquidity hedge. On the one hand , interest rate cuts by the Federal Reserve have receded somewhat into the distance, but on the other hand , there are still growing risks of stagflation. The reasons for investing in gold have been reinforced by the crisis in the Strait of Hormuz.

These include inflation fears, diversification of currency reserves, and geopolitical risks.  Bonds are less suitable for diversification in times of inflation. What is needed now is a catalyst to sustainably boost the gold price again, and it will come in one form or another.

Amex Exploration – https://www.commodity-tv.com/play/amex-exploration-from-discovery-to-the-next-canadian-gold-producer/ – is among the noteworthy young gold companies. The focus is on profitable gold projects in mining-friendly Quebec. The Perron gold project by Amex Exploration, in particular, hosts large and high-grade gold deposits. It is 100 percent owned by the company and stands out with excellent infrastructure and a positive feasibility study. Ore processing is scheduled to begin in 2027.

U.S. GoldMining – https://www.commodity-tv.com/play/us-goldmining-ceo-on-the-robust-pea-for-the-whistler-project-in-alaska/ – focuses on gold and copper. The company owns the promising Whistler Project (100 percent) in Alaska, which hosts significant gold and copper resources. The potential for new gold-copper porphyry deposits there has been demonstrated by drilling, and the preliminary economic assessment for the Whistler Project has been very positive. The 2026 drilling program has begun.

Current company information and press releases from Amex Exploration (- https://www.resource-capital.ch/de/unternehmen/amex-exploration-inc/ -) and U.S. GoldMining (- https://www.resource-capital.ch/de/unternehmen/us-goldmining-inc/ -).

For further information, please refer to our new Precious Metals Report at the following link: https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

Sources: Amex Exploration, U.S. GoldMining

https://www.gold.org/goldhub/research/gold-market-commentary-april-2026?utm_medium=email&utm_source=newsletter&utm_campaign=GOLDHUB%3A+Your+Week;

https://www.resource-capital.ch/de/reports/ansicht/edelmetall-report-2025-04/.

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