Gold ETFs in 2026 have made a round trip. SPDR Gold Shares (GLD) lost 6.73% at net asset value in the first half of the year and the iShares Gold Trust (IAU) lost 6.66%, as the front-month gold future fell from $4,341.10 an ounce at the end of 2025 to $4,038.50 on June 30 after peaking at $5,318.40 on January 29 [1][2][3]. The second half has reversed that: GLD was up 5.64% year to date by August 31, 2026, with a 13.28% gain in August alone, and gold futures closed at $4,539.90 on September 3 [1][3]. Over one year to August 31 GLD returned 32.54% [1].
Gold ETFs in 2026: performance so far
| GLD NAV return | As of June 30, 2026 | As of Aug 31, 2026 |
|---|---|---|
| 1 month | -11.47% | 13.28% |
| Year to date | -6.73% | 5.64% |
| 1 year | 21.99% | 32.54% |
| 3 years (annualized) | 27.64% | 32.38% |
| 5 years (annualized) | 17.48% | 19.76% |
| 10 years (annualized) | 11.34% | 12.84% |
Data: State Street SPDR Gold Shares performance tables [1].
The swing between the two columns shows how much a single summer changed the picture. June alone cost GLD 11.47% and the second quarter 12.72%; August returned 13.28% [1]. IAU's figures as of June 30 were nearly identical, with a year-to-date loss of 6.66%, a one-year gain of 22.16% and a cumulative ten-year gain of 197.41%, against 204.83% for the LBMA gold price it tracks [2]. The gap between fund and metal over ten years is roughly the sponsor fee compounded.
The gold price path in 2026
DataPorium's commodity data for the COMEX front-month gold future trace the path: $4,341.10 on December 31, 2025, a closing high of $5,318.40 on January 29, $5,247.90 on February 27, $4,647.60 on March 31, $4,593.00 on May 29, $4,038.50 on June 30 and a summer low of $3,992.10 on July 16 [3]. From there the metal recovered to $4,107.00 on July 31, $4,481.50 on August 31 and $4,539.90 on September 3 [3]. Peak to trough the decline was about 25%; from the July low to September 3 the rebound was about 14% [3].
Gold ETF flows: who sold and who bought
Fund flows followed price with a lag. The World Gold Council reported that global gold ETFs saw outflows of US$8.9 billion in June 2026, led by North American funds, which lost US$5.5 billion that month and US$7.7 billion over the first half, the weakest first half for the region since 2013 [4]. Even so, global holdings ended June at 4,047 tonnes with US$526 billion of assets, and the first half as a whole still recorded US$8 billion of inflows and an 18-tonne increase, because buying elsewhere offset North American selling [4].
July marked a tentative turn: global inflows of US$3 billion added 23 tonnes, taking holdings to 4,068 tonnes and assets to US$530 billion at the end of July, with year-to-date inflows of US$11 billion [5]. North American funds took in only US$71 million in July and remained in net outflow for the year [5]. The August price surge came, in other words, before U.S. ETF investors had returned in size.
GLD vs IAU: cost and size
The two largest U.S. gold trusts hold physical bullion and differ mainly in fee and share price. GLD, launched on November 18, 2004, charges a gross expense ratio of 0.40% [1]. IAU charges a sponsor fee of 0.25% [2]. On a $50,000 position that is $200 a year against $125. The fee shows up in the long-run tracking gap: IAU's cumulative ten-year return of 197.41% trailed the LBMA gold price's 204.83% by roughly the fee compounded, and GLD's 0.40% produces a wider gap over the same span [1][2]. GLD's advantage is trading depth, which matters to institutions and short-term traders more than to holders.
Gold's portfolio role after a volatile year
- Diversifier, not income: gold pays nothing, so its return is entirely price; the 2026 drawdown of about 25% shows the volatility that comes with that [3].
- Long-run record: GLD's 12.84% annualized return over ten years to August 31 and 19.76% over five years are well above bond returns in the same period [1].
- Position sizing: a modest allocation captures most of the diversification benefit; a large one turns a portfolio into a bet on one commodity.
- Cost: at 0.25% IAU is the cheaper long-term holding; GLD suits trading [1][2].
Gold ETFs lost a quarter of their value from the January peak to the July low, then recovered 14% by early September, a reminder that the metal diversifies a portfolio precisely because it does not move with stocks or bonds.
Daily gold, silver and oil futures prices are available on DataPorium's commodities page, and fund comparisons on the ETF page [3].
Key takeaways
- GLD lost 6.73% in the first half of 2026 but was up 5.64% year to date by August 31 after a 13.28% August [1].
- Gold futures peaked at $5,318.40 on January 29, bottomed at $3,992.10 on July 16 and closed at $4,539.90 on September 3, 2026 [3].
- North American gold ETFs saw US$7.7 billion of outflows in the first half, the weakest since 2013; global holdings still reached 4,068 tonnes by the end of July [4][5].
- GLD charges 0.40% and IAU 0.25%; both hold physical bullion [1][2].
- Over ten years GLD returned 12.84% a year to August 31, 2026 [1].
Frequently asked questions
Is GLD or IAU better?
IAU's 0.25% sponsor fee is lower than GLD's 0.40% expense ratio, so it is the cheaper fund to hold for years; GLD offers deeper trading liquidity [1][2].
How much has gold fallen in 2026?
From a closing high of $5,318.40 on January 29 to a low of $3,992.10 on July 16, the front-month future fell about 25%; by September 3 it had recovered to $4,539.90 [3].
Are investors buying gold ETFs again?
Globally yes: US$3 billion flowed in during July 2026 after US$8.9 billion left in June, though North American funds remained in net outflow for the year through July [4][5].
What is the expense ratio of GLD?
GLD's gross expense ratio is 0.40% [1].
