Not sure. Now I feel bad about complaining of no fruit on mine.
Gummosis
This disease can kill branches or trees and is caused by the fungus
Botryosphaeria dothidea. Earliest symptoms appear on the young bark of vigorous trees as small blisters, usually occurring at lenticels. Infection occurs late in the season, and may be apparent in the fall or the following spring. Some infected areas exude a gummy resin. Trees that are two or three years old often have sunken diseased areas (cankers) apparent on the trunk and major branches. Large amounts of gummy exudate, or gum balls, are associated with lesions at multiple sites. After repeated infections, the bark becomes rough and scaly.
Prevention & Treatment: There is no practical chemical control available. Keep trees healthy, since the most severely infected trees are water-stressed. Dead wood should be removed during winter pruning, and destroyed. When pruning during the summer months, remove and destroy all pruned wood. Where gummosis is present, use of captan or myclobutanil for scab control is the preferred treatment.
https://hgic.clemson.edu/factsheet/peach-diseases/
Where do you live? You could put that on your profile. Peach trees grow the very best in the south, particularly Georgia. That is why it is called the "Peach State", and many streets in Atlanta and other GA cities are named "Peach____." It is hot and dry there.
Where I live it is very humid. I must have good drainage bc it is certainly borderline too cold in the winter and too wet all year for a peach tree to do well.
I suggest that you contact your closest Land Grant University Extension office for help. They would know best what is affecting local peach trees.