A gold exchange-traded fund that passively holds physical bullion and issues shares designed to track the daily gold price before expenses, trading on NYSE Arca as IAU. Launched in January 2005 by BlackRock, its iShares brand traces back to Barclays Global Investors, which began offering index shares in the 1990s as WEBS—World Equity Benchmark Shares. The "i" in iShares originally hinted at easy individual and online trading, echoing the internet age.
iShares Gold Trust NAV fell 14.89% in Q2 2026 as gold dropped 12.64% and investors redeemed shares.
The Trust's net asset value fell sharply, reversing the prior year's growth. NAV dropped 14.89% to $60.1 billion, driven by a 12.64% decline in the LBMA Gold Price PM and net share redemptions of 20.5 million, resulting in a net loss of $8.99 billion for the quarter. The Trust's value remains entirely dependent on the price of its physical gold holdings.
Key takeaways
The Trust's NAV fell 14.89% to $60.1 billion during the quarter, driven by a 12.64% decline in the LBMA Gold Price PM to $4,026.05 per ounce.
Net share redemptions of 20.5 million shares marked a second consecutive quarter of outflows, following 28.75 million in Q1 2026, after three quarters of net creations in 2025.
The net decrease in net assets from operations was $8.99 billion, as a $10.5 billion on gold bullion was partially offset by $1.5 billion in realized gains from gold distributed for redemptions.
Section summaries
Management's Discussion and Analysis
NAV fell 14.89% in Q2 FY2026 driven by a 12.64% drop in gold price and net share redemptions.
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The Trust's net asset value decreased 14.89% to $60.1B, primarily due to a 12.64% decline in the LBMA Gold Price PM to $4,026.05 per ounce.
Outstanding Shares fell 2.5% to 793.6M as redemptions of 39.6M Shares outpaced creations of 19.1M Shares during the quarter.
NAV per Share decreased 12.69% to $75.72, slightly more than the gold price drop because of the Sponsor's fee accrual.
NAV per share fell 12.69% to $75.72, slightly more than the gold price decline due to the Sponsor's fee, the Trust's only expense, which totaled $43.4 million for the quarter.
The Trust continues to hold no cash, debt, or derivatives, meeting all expenses and redemptions solely through sales of its physical gold bullion.
What changed
The return to net share creations flagged in 2025 has reversed: after adding 174.2 million shares in FY2025, the Trust saw net redemptions of 28.75 million in Q1 2026 and 20.5 million in Q2 2026.
The LBMA Gold Price PM, the primary driver of the Trust's value, fell 12.64% in Q2 2026, a clear reversal from the 16.36% increase in Q3 2025 and the 65% increase for all of FY2025.
The Sponsor's fee, flagged as a consistent 0.25% of net assets, remained unchanged as a percentage but rose in dollar terms to $43.4 million from $28.6 million a year ago, reflecting the larger average asset base before the quarter's decline.
What to watch
LBMA Gold Price PM: any further decline or recovery in the gold price will directly and proportionally change the Trust's NAV and NAV per share.
Share creations vs. redemptions: whether net outflows continue for a third consecutive quarter will indicate if investor demand for gold exposure via the Trust is waning.
Sponsor's fee as a percentage of assets: currently 0.25% annually; any change to the fee structure would alter the tracking difference between NAV per share and the gold price.
The net decrease in net assets from operations was $9.0B, including a $10.5B on gold bullion, partially offset by $1.5B in realized gains on redemptions.
The Sponsor's fee was the Trust's only expense, totaling $43.4M for the quarter, or 0.06% of average weighted assets.
For the six-month period, NAV fell 12.11% to $60.1B, with a $4.1B net decrease from operations and a 6.54% decline in gold price.
There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 27, 2026.
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There have been no material changes to the Risk Factors last reported under Part I, Item 1A of the registrant’s Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission on February 27, 2026.