This information should be read in conjunction with the financial statements and notes included in Item 1 of Part I of this Quarterly Report. The discussion and analysis which follows may contain trend analysis and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to future events and financial results. Words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “outlook” and “estimate” as well as similar words and phrases signify forward-looking statements. SPDR® Gold Trust’s forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties may cause our actual results to differ materially from those expressed in our forward-looking statements. Trust Overview SPDR® Gold Trust (the “Trust”) is an investment trust that was formed on November 12, 2004 (the “Date of Inception”). The Trust issues baskets of Shares (“Baskets”) in exchange for deposits of gold and distributes gold in connection with the redemption of Baskets. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the expenses of the Trust’s operations. The Shares are designed to provide investors with a cost effective and convenient way to invest in gold. Gold is held by HSBC Bank plc ("HSBC") and JPMorgan Chase Bank, N.A. ("JPMorgan" and each of HSBC and JPMorgan, a "Custodian" and together, the “Custodians”) on behalf of the Trust. As of the date of this quarterly report, Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Merrill Lynch Professional Clearing Corp., Morgan Stanley & Co. LLC, RBC Capital Markets LLC, UBS Securities LLC and Virtu Americas LLC are the only Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor. Investing in the Shares does not insulate the investor from certain risks, including price volatility. The following chart illustrates the movement in the price of the Shares and NAV of the Shares against the corresponding gold price (per 1/10 of an oz. of gold) since the day the Shares first began trading on the NYSE and subsequent transfer to NYSE Arca: Share price & NAV v. gold price – November 18, 2004 to June 30, 2026 The divergence of the price of the Shares and NAV of the Shares from the gold price over time reflects the cumulative effect of the Trust expenses that arise if an investment had been held since inception. 11 Table of Contents Critical Accounting Policy Valuation of Gold, Definition of NAV The Trustee values the gold held by the Trust and determines the NAV of the Trust using the LBMA Gold Price PM on each day that the NYSE Arca is open for regular trading, at the earlier of the announcement of the LBMA Gold Price PM for the day or 12:00 PM New York time. If no LBMA Gold Price PM is announced on a particular evaluation day or if the LBMA Gold Price PM has not been announced by 12:00 PM New York time on a particular evaluation day, the next most recent LBMA Gold Price (AM or PM) is used in the determination of the NAV of the Trust, unless the Trustee, in consultation with the Sponsor, determines that such price is inappropriate to use as the basis for such determination. In the event the Trustee and the Sponsor determine that such price is not an appropriate basis for valuation of the Trust’s gold, they will identify an alternative basis for such valuation to be employed by the Trustee. While we believe that the LBMA Gold Price is an appropriate indicator of the value of gold, there are other indicators that are available that could be different than the LBMA Gold Price. The use of such an alternative indicator could result in materially different fair value pricing of the gold in the Trust which could result in different market adjustments or redemption value adjustments of our outstanding redeemable Shares. Once the value of the gold has been determined, the Trustee subtracts all estimated accrued fees, expenses and other liabilities of the Trust from the total value of the gold and all other assets of the Trust (other than any amounts credited to the Trust’s reserve account, if established). The resulting figure is the NAV of the Trust. The Trustee determines the NAV per Share by dividing the NAV of the Trust by the number of Shares outstanding as of the close of trading on NYSE Arca. Bureau Veritas Commodities UK Ltd. (formerly Inspectorate International Limited) (“Bureau Veritas”) conducts two counts each year of the gold bullion held on behalf of the Trust at the vaults of the Custodians. A complete bar count is conducted once per year and coincides with the Trust’s financial year end at September 30th. Bureau Veritas concluded the annual full count of the Trust’s gold bullion held by (i) HSBC at its London vault on September 30, 2025, (ii) JPMorgan at its London vault on September 30, 2025 and (iii) JPMorgan at its New York vault on September 30, 2025. The second count is a random sample count and is conducted at a date which falls within the same financial year and was conducted most recently at JPMorgan's London vault on March 25, 2026, JPMorgan's New York vault on March 19, 2026 and HSBC's London vault on March 25, 2026. During the period in which both the annual full count and the second count took place, JPMorgan did not hold any gold on behalf of the Trust at its Zurich vault and, as a result, counts were not conducted at that vault location. The results can be found on www.spdrgoldshares.com. The Sponsor generally visits the vaults of the Custodians twice a year as part of its due diligence procedures. Results of Operations In the three months ended June 30, 2026, an additional 18,500,000 Shares (185 Baskets) were created in exchange for 1,698,714.7 ounces of gold, 32,900,000 Shares (329 Baskets) were redeemed in exchange for 3,020,610.7 ounces of gold, and 34,843.1 ounces of gold were sold to pay expenses. For accounting purposes, GLD reflects creations and redemptions on the date of receipt of a notification of a creation but does not issue Shares until the requisite amount of gold is received. Upon a redemption, GLD delivers gold upon receipt of Shares. These creations and redemptions were completed in the normal course of business. At June 30, 2026, the amount of gold owned by the Trust and held by the Custodians was 32,314,227.7 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $130,098,696,246 , based on the LBMA Gold Price PM on June 30, 2026 (cost— $95,236,108,571). At September 30, 2025, the amount of gold owned by the Trust and held by the Custodians was 32,528,241.1 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $124,430,280,803, based on the LBMA Gold Price PM on September 30, 2025 (cost— $77,748,740,273). Cash Resources and Liquidity At June 30, 2026, the Trust did not have any cash balances. When selling gold to pay expenses, the Trustee endeavors to sell the exact amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. As a consequence, we expect that the Trust will not record any net cash flow from its operations and that its cash balance will be zero at the end of each reporting period. 12 Table of Contents Movements in the Price of Gold As movements in the price of gold are expected to directly affect the price of the Trust’s Shares, investors should understand what the recent movements in the price of gold have been. Investors, however, should also be aware that past movements in the gold price are not indicators of future movements. The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in US dollars per ounce over the period from November 12, 2004 to June 30, 2026 and is based on the LBMA Gold Price PM when available. Daily Gold Price – November 12, 2004 – June 30, 2026 LBMA Gold Price PM USD The average, high, low and end-of-period gold prices for the three and twelve-month periods over the prior three years and for the period from the Date of Inception through June 30, 2026, based on the LBMA Gold Price PM when available from March 20, 2015 and previously the London Fix, were: Last End of business Period Average High Date Low Date period day (1) Three months ended September 30, 2023 $ 1,928.23 $ 1,976.10 Jul 20, 2023 $ 1,870.50 Sep 29, 2023 $ 1,870.50 Sep 29, 2023 Three months ended December 31, 2023 $ 1,971.49 $ 2,078.40 Dec 28, 2023 $ 1,818.95 Oct 4, 2023 $ 2,062.40 Dec 29, 2023 (2) Three months ended March 31, 2024 $ 2,069.80 $ 2,214.35 Mar 28, 2024 $ 1,985.10 Feb 14, 2024 $ 2,214.35 Mar 28, 2024 Three months ended June 30, 2024 $ 2,338.18 $ 2,427.30 May 21, 2024 $ 2,264.50 Apr 2, 2024 $ 2,330.90 Jun 28, 2024 Three months ended September 30, 2024 $ 2,474.29 $ 2,663.75 Sep 26, 2024 $ 2,329.10 Jul 1, 2024 $ 2,629.95 Sep 30, 2024 Three months ended December 31, 2024 $ 2,663.38 $ 2,777.80 Oct 30, 2024 $ 2,567.30 Nov 14, 2024 $ 2,610.85 Dec 31, 2024 (2) Three months ended March 31, 2025 $ 2,859.62 $ 3,115.10 Mar 31, 2025 $ 2,633.35 Jan 6, 2025 $ 3,115.10 Mar 31, 2025 Three months ended June 30, 2025 $ 3,280.35 $ 3,435.35 Jun 13, 2025 $ 3,014.75 Apr 7, 2025 $ 3,287.45 Jun 30, 2025 Three months ended September 30, 2025 $ 3,456.54 $ 3,826.85 Sep 29, 2025 $ 3,298.85 Jul 31, 2025 $ 3,825.30 Sep 30, 2025 Three months ended December 31, 2025 $ 4,135.24 $ 4,449.40 Dec 23, 2025 $ 3,872.00 Oct 1, 2025 $ 4,307.95 Dec 31, 2025 (2) Three months ended March 31, 2026 $ 4,872.89 $ 5,405.00 Jan 29, 2026 $ 4,352.95 Jan 2, 2026 $ 4,608.35 Mar 31, 2026 Three months ended June 30, 2026 $ 4,506.29 $ 4,870.50 Apr 17, 2026 $ 4,001.80 Jun 25, 2026 $ 4,026.05 Jun 30, 2026 Twelve months ended June 30, 2024 $ 2,076.19 $ 2,427.30 May 21, 2024 $ 1,818.95 Oct 4, 2023 $ 2,330.90 Jun 28, 2024 Twelve months ended June 30, 2025 $ 2,813.61 $ 3,435.35 Jun 13, 2025 $ 2,329.10 Jul 1, 2024 $ 3,287.45 Jun 30, 2025 Twelve months ended June 30, 2026 $ 4,234.80 $ 5,405.00 Jan 29, 2026 $ 3,298.85 Jul 31, 2025 $ 4,026.05 Jun 30, 2026 November 12, 2004 to June 30, 2026 $ 1,506.08 $ 5,405.00 Jan 29, 2026 $ 411.10 Feb 8, 2005 $ 4,026.05 Jun 30, 2026 (1) The end of period gold price is the LBMA Gold Price PM on the last business day of the period. This is in accordance with the Trust Indenture and the basis used for calculating the Net Asset Value of the Trust. (2) There was no LBMA Gold Price PM on the last business day of December 2025, 2024 or 2023. The LBMA Gold Price AM on the last business day of December 2025, 2024 and 2023 was $4,307.95, $2,610.85 and $2,062.40, respectively. The Net Asset Value of the Trust on December 31, 2025, 2024 and 2023 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture. 13 Table of Contents