Advertisement/Advertising – This article is distributed on behalf of Fury Gold Mines Ltd. and GoldMining Inc., with whom SRC swiss resource capital AG has paid IR consulting agreements. Publisher: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: March 21, 2026, 11:20 p.m. Zurich/Berlin

The chief economist and head of research at LBBW points to the real (inflation-adjusted) and nominal price of gold. Both indicate that gold has never been as expensive as it is today. At just under $5,600 per troy ounce, the price of the precious metal set a record in January 2026. Then came the correction. The war in the Middle East is driving up energy prices, which could fuel inflation. This raises doubts about interest rate cuts by the Fed. However, energy prices are also likely to fall again. And the price of gold will then be supported by interest rate cuts.

If the US dollar then depreciates, the path to higher gold prices will be paved once again, and many analysts therefore expect prices to continue rising – even if the increases no longer reach the levels seen in 2025. Gold ETFs remain in high demand, as uncertainties – such as those surrounding US politics – will persist in the future. In Germany, there are no ETFs that invest solely in a single asset, such as gold. For German investors, there are gold ETCs (perpetual debt securities, often backed by physical gold). The current decline in demand for jewelry should be well offset by these factors and by continued solid demand for coins and bars.

The Iran conflict has so far failed to drive up the price of gold, although this is usually the case during major crises or wars. One reason is likely that central banks are currently exercising some restraint when it comes to buying gold. The key factors for the future will be the extent to which rising energy prices fuel inflation and whether central banks resume buying more gold. This will depend on how long the war in Iran continues. However, gold should remain the safe haven it has always been.

Fury Gold Mines – https://www.commodity-tv.com/ondemand/companies/profil/fury-gold-mines-ltd/ -, which is well-financed, 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 on its projects.

GoldMining – https://www.commodity-tv.com/ondemand/companies/profil/goldmining-inc/ – holds large gold and copper projects in North and South America; the 100% owned Crucero project in Peru contains significant antimony mineralization in addition to gold. On a gold-equivalent basis, the indicated resources were expanded by approximately 75% (thanks to the presence of the critical metal antimony). This increases the value of the project.

Current company information and press releases from GoldMining (- https://www.resource-capital.ch/en/companies/goldmining-inc/ -) 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-2025-11-update/

Sources: GoldMining, Fury Gold Mines,

https://www.lbbw-markets.de/portal/privatkunden/research;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-11-update/

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