A gold-backed investment trust whose shares track the price of physical gold bullion, minus expenses. Each share represents a claim on real, allocated gold bars held in vaults in London, New York, and Zurich — the gold is never traded, leased, or loaned. Launched in 2004 by State Street Global Advisors and the World Gold Council, it was created to open gold investing to everyday people. Its "SPDR" name, pronounced "spider," comes from Standard & Poor's Depositary Receipts, the family of funds it belongs to.
SPDR Gold Trust posted a Q3 FY2026 net loss as gold price fell 12.6% and holdings dropped on net redemptions.
The Trust swung to a net loss in Q3 FY2026 as gold fell 12.6%. was -$19.4B versus $16.8B a year earlier and $10.2B the prior quarter, driven by the dropping from $4,608.35 to $4,026.05 and of 14.4M shares. The Trust's asset base contracted to $130.1B, ending a run of quarterly growth.
Key takeaways
was -$19.4B in Q3 FY2026, a swing from $16.8B profit a year earlier and $10.2B profit in Q2 FY2026, as the declined 12.6% from $4,608.35 to $4,026.05 per ounce.
Gold holdings fell 214,013.4 ounces (0.7%) to 32.3M ounces, driven by net share redemptions of 14.4M shares and 34,843.1 ounces sold to cover expenses.
Total assets were $130.1B at June 30, 2026, down 16.2% quarter over quarter and up 28.9% , reflecting the lower gold price and fewer ounces held.
Section summaries
Management's Discussion and Analysis
SPDR Gold Trust NAV fell 12.6% in Q3 FY2026 as gold dropped from $4,608.35 to $4,026.05/oz, with net redemptions of 14.4M shares.
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The Trust's per share is directly driven by the LBMA Gold Price PM, which declined 12.6% during the quarter from $4,608.35 (Mar 31, 2026) to $4,026.05 (Jun 30, 2026).
Gold holdings decreased by 214,013.4 ounces (0.7%) to 32.3 million ounces, driven by net share redemptions of 14.4 million shares and gold sales of 34,843.1 ounces to cover expenses.
The Trust held zero cash and generated no by design, selling gold only to pay the Sponsor's 0.40% of NAV fee.
A new risk factor flags reliance on ; disruption could halt creations and redemptions and widen share-price discounts to NAV.
What changed
Prior filings flagged tracking total gold held and the at June 30, 2026 to see whether net creations continue: of 14.4M shares cut holdings to 32.3M ounces, reversing the creation trend.
Prior filings flagged monitoring the next annual gold bar count for the 33,634,221.4 ounces at March 31, 2026: this 10-Q reports 32.3M ounces after redemptions and expense sales, pending annual reconciliation.
Prior filings flagged the Sponsor's 0.40% of NAV fee as assets sat at $155.2B: the fee continues at 0.40% of NAV with assets now at $130.1B.
Prior filings flagged tracking tariff and geopolitical (Israel-Hamas, Ukraine) effects: no material change reported this quarter beyond the new LBMA Good Delivery risk.
Q2 FY2026 fell 28.4% to $10.2B as price gains slowed; Q3 extended the reversal into a loss as the gold price itself dropped.
What to watch
Track total gold held and the at September 30, 2026 to see whether continue exceeding creations.
Monitor the next annual gold bar count and reconciliation for confirmation of the 32.3M ounces held at June 30, 2026.
Watch for any development on the new risk and whether it disrupts creations or redemptions.
Track the Sponsor's 0.40% of NAV fee disclosure in the next filing as assets sit at $130.1B.
The Trust's operating expenses are paid by selling gold, resulting in a zero cash balance policy and a gradual, cumulative divergence of share price and from the spot gold price over time.
Gold price volatility was high during the quarter, with a period high of $4,870.50 on April 17 and a low of $4,001.80 on June 25, based on the LBMA Gold Price PM.
The Trust's liquidity relies entirely on the ability to sell gold to meet expenses, as it holds no cash and expects zero net at each period end.
Quantitative and Qualitative Disclosures About Market Risk
The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust doe…
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The Trust Indenture does not authorize the Trustee to borrow for payment of the Trust’s ordinary expenses. The Trust does not engage in transactions in foreign currencies which could expose the Trust or holders of Shares to any foreign currency related market risk. The Trust does not invest in any derivative financial instruments or long-term debt instruments. Fluctuations in the value of gold bullion will affect the value of Shares which are designed to reflect the performance of the price of gold bullion, less the Trust’s expenses.
The Trust now flags reliance on LBMA Good Delivery standards as a material risk; disruption could halt creations/redemptions and widen share price discounts.
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The Trust depends on LBMA Good Delivery Rules and the Good Delivery List for gold acceptance, transfer, custody, and liquidity.
If the LBMA ceases or materially changes those standards without a widely accepted successor, the Trust may be unable to accept gold for creations or deliver gold for redemptions.
Operational disruption could delay, reject, or suspend creations and redemptions, causing Shares to trade at a significant premium or discount to .
Transitioning to a new standard could require agreement amendments, counterparty coordination, regulatory consultation, and revised disclosure, with no assurance of timely or favorable completion.
This risk supplements prior disclosures; no other material changes to risk factors from the FY2025 10-K are reported.