01—Abstract
Summary
Summary of the 10-Q filed August 4, 2026. Cited figures are marked; the original filing is the authoritative source.
SPDR Gold Trust (GLD) reported its unaudited financial results for the quarter and nine months ended June 30, 2026.
The Trust's primary asset is gold bullion, and its net assets have seen a significant increase in fair value compared to the previous fiscal year, driven by the appreciation of gold prices. As of June 30, 2026, the Trust held approximately 32,314.2 ounces of gold with a fair value of $130.1 billion, compared to $124.4 billiona at September 30, 2025. The Trust's performance is directly tied to the price of gold.
While the net asset value per share has seen fluctuations due to market movements, the overall trend reflects the volatility inherent in gold as an investment. Investors should note the continued reliance on LBMA Gold Price PM for valuation and the absence of active management or hedging strategies by the Trustee, meaning any losses in gold prices will directly impact the Net Asset Value. The Trust's expense ratio remains consistent at 0.40%b.
02—Key points
Key Highlights
- Net assets increased to $130.05 billion as of June 30, 2026, from $124.53 billion as of September 30, 2025, primarily due to an increase in the fair value of gold holdings.
- The Trust's investment in gold is valued at $130.10 billion as of June 30, 2026, representing 100.03% of net assets. This shows a significant increase in the market value of gold held.
- Net asset value per share increased to $369.47 as of June 30, 2026, from $352.09 as of September 30, 2025, reflecting the appreciation of gold.
- For the nine months ended June 30, 2026, the Trust experienced a net decrease in net assets of $19.38 billion, primarily driven by a substantial net change in unrealized losses on investment in gold of $23.94 billion.
- Conversely, for the nine months ended June 30, 2025, the Trust saw a net increase in net assets of $5.06 billion, attributed to a net realized and change in unrealized gain on investment in gold of $5.15 billion.
- The Trust's expense ratio (net expenses) remained stable at 0.40% of average net assets for the periods presented.
- The Trust had no cash or cash equivalents at period end, as gold is sold to cover expenses, minimizing non-gold asset holdings.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed August 4, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Operating Expenses | $149.76M$98.83M | +51.5% |
| Net Income | -$19.38B$5.06B | −483.3% |
| EPS (Basic) | $-53.54$15.43 | −447.0% |
| Shares Outstanding (Basic) | 361.94M327.69M | +10.5% |
05—Questions
Frequently Asked Questions
What is the primary asset held by SPDR Gold Trust?
The primary asset held by SPDR Gold Trust is physical gold bullion. The Trust's objective is for its Shares to reflect the performance of the price of gold bullion, less the Trust's expenses.
How is the Net Asset Value (NAV) of the Trust determined?
The Net Asset Value (NAV) of the Trust is determined daily by valuing the gold holdings based on the LBMA Gold Price PM (London Bullion Market Association Gold Price) at the earlier of its announcement or 12:00 PM New York time. This value is then reduced by the Trust's accrued expenses and liabilities.
What were the main drivers of the change in Net Assets during the period?
The main drivers of the change in Net Assets are the fluctuations in the market price of gold. For the nine months ended June 30, 2026, a significant unrealized loss on gold contributed to a decrease in net assets. For the same period in 2025, unrealized gains on gold led to an increase in net assets. Sponsor fees also contribute to expenses.
Does the Trust engage in hedging or active management of its gold holdings?
No, the Trustee of SPDR Gold Trust does not actively manage the gold holdings. This means the Trust does not sell gold when prices are high or buy when low, nor does it use hedging techniques. Any losses in gold prices directly affect the value of the Shares.
06—Continue