The back-and-forth in the Iran conflict continues - what will happen to the price of gold?

Advertisement/Advertising – This article is distributed on behalf of Osisko Development Corp. and Fury Gold Mines Ltd., with whom SRC swiss resource capital AG has paid IR advisory agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: April 23, 2026, 1:50 p.m.

Tensions in the Middle East persist. The price of gold is more volatile in 2026 than in the past, which is no surprise. However, similar phases have occurred before. According to the World Gold Council, the sharp price fluctuations were caused by declining expectations of an interest rate cut by the Fed and rising bond yields. Added to this were the nomination of Kevin Warsh as Fed Chair and the Middle East conflict, which fueled inflation concerns in February. And following the rise in the price of gold, long positions were unwound in futures, options, and gold ETFs.

The gold market is seeing record-high trading volumes and brisk market activity in both directions. However, gold remains a valuable strategic asset and an important component of portfolio diversification. Although the gold market has rebounded several times, ongoing geopolitical risk has increased the demand for liquidity. This is one of gold’s key roles: in times of crisis, it can serve as a source of liquidity. This was already evident during the financial crisis. Since then, gold yields have recovered.

It is assumed that the war in Iran and rising defense spending will sooner or later lead to a rise in the price of gold. Consequently, a gold price of $6,000 is considered a possibility. The precious metal’s appeal also increases as government debt and deficits rise. And in the background, there is the long-term shift away from the U.S. dollar. Gold and gold stocks should therefore always be a good investment, even today.

Osisko Development - https://www.commodity-tv.com/ondemand/companies/profil/osisko-development-corp/ - owns, among other assets, the flagship Cariboo Gold project (Canada, 100 percent). Production at Cariboo (approximately 190,000 ounces of gold annually over ten years) is scheduled to begin in 2027. A 70,000-meter drilling program is well-funded and underway at Cariboo to investigate potential resource growth. 96 percent of the planned drilling has been completed.

Fury Gold Mines, - https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ - which is well-funded, holds a gold and mineral exploration portfolio totaling over 157,000 hectares in Québec. The company also owns 11.3 million common shares of Dolly Varden Silver Corp. In 2025, the company drilled a total of more than 18,000 meters at its projects. Encouraging drill results were recently reported from the Eau Claire project (for example, 11.74 grams of gold per ton of rock over 6.63 meters).

Current company information and press releases from Osisko Development (- https://www.resource-capital.ch/en/companies/osisko-development-corp/ -) and Fury Gold Mines (- https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/ -).

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: Osisko Development, Fury Gold Mines,

https://www.gold.org/goldhub/gold-focus/2026/04/you-asked-we-answered-has-golds-performance-structurally-changed;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

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