10 unchanged sentences
of gold) since inception:
−Removed: The LBMA Gold Price benchmark is administered and licensed by ICE Benchmark Administration Limited (IBA).
−Removed: The LBMA Gold Price benchmark displayed on this website is provided for information purposes only and may not be copied, distributed or used for any other purpose, commercial or otherwise.
Bloomberg, LBMA Gold Price PM USD versus AAAU NAV Index, August 15, 2018 – December 31, 2025
11 unchanged sentences
The LBMA Gold Price PM is set at 3:00 p.m.
−Removed: London time via an auction
−Removed: independently operated and administered by ICE Benchmark Administration (“IBA”).
+Added: London time via an auction independently operated and administered by ICE Benchmark Administration (“IBA”).
The price is set in U.S.
−Removed: dollars per fine troy ounce (“fine ounce”).
+Added: dollars per Fine Ounce.
If no LBMA Gold Price PM is available for the required day, the Trustee uses the LBMA Gold Price AM.
4 unchanged sentences
Beginning balance as of December 31, 2024
+Added: Gold bullion contributed
+Added: Gold bullion distributed
Net realized gain (loss) from gold bullion distributed for redemptions
1 unchanged sentence
Net realized gain (loss) from gold sold to pay expenses
−Removed: Change in unrealized appreciation (depreciation) on investment in gold
+Added: Change in unrealized appreciation (depreciation) on investment in gold bullion
Ending balance as of December 31, 2025
+Added: 2,542,909,779
Under the Custody Agreement, the Custodian has agreed to allow the Sponsor, Trustee and their identified representatives, independent public accountants, and bullion auditors access to its premises during normal business hours to examine the gold held for the Trust and such records in accordance with the terms of the Custody Agreement.
6 unchanged sentences
At December 31, 2025, the Custodian held 590,283.0 ounces of gold on behalf of the Trust in its vault, with a market value of $2,542,909,779 (cost:
−Removed: $701,309,900) based on the LBMA AM Gold Price at period end.
+Added: $1,590,130,354) based on the LBMA Gold Price AM at period end.
At December 31, 2024, the Custodian held 340,786.6 ounces of gold on behalf of the Trust in its vault, with a market value of $889,742,864 (cost:
−Removed: $594,100,397) based on the LBMA AM Gold Price at period end.
−Removed: The change in net assets from operations for the year ended December 31, 2024 was $162,054,699, which was due to (i) the Sponsor Fee of $(1,355,299) and (ii) a net realized and unrealized gain of $163,409,998 from operations, which in turn resulted from a net realized loss on gold sold to pay expenses of $(5,039), net realized gain from gold bullion distributed for redemptions of $14,284,935 and a net change in unrealized appreciation on investments in gold bullion of $149,130,102.
+Added: $701,309,900) based on the LBMA Gold Price AM at period end.
+Added: The change in net assets from operations for the year-ended December 31, 2025 was $783,446,114, which was due to (i) the Sponsor Fee of $(2,943,778) and (ii) a net realized and unrealized gain of $786,389,892 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(54,763), net realized gain from gold bullion distributed for redemptions of $22,098,194 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $764,346,461.
Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2025.
−Removed: The change in net assets from operations for the year ended December 31, 2023 was $56,397,249, which was due to (i) the Sponsor Fee of $(1,035,138) and (ii) a net realized and unrealized gain of $57,432,387 from operations, which in turn resulted from a net realized loss on gold sold to pay expenses of $(35,485), a net realized gain from gold bullion distributed for redemptions of $5,466,766 and a net change in unrealized appreciation on investments in gold bullion of $52,001,106.
+Added: The change in net assets from operations for the year-ended December 31, 2024 was $162,054,699, which was due to (i) the Sponsor Fee of $(1,355,299) and (ii) a net realized and unrealized gain of $163,409,998 from operations, which in turn resulted from a net realized loss on gold transferred to pay expenses of $(5,039), a net realized gain from gold bullion distributed for redemptions of $14,284,935 and a net change in unrealized appreciation/depreciation on investments in gold bullion of $149,130,102.
Other than the Sponsor Fee, the Trust had no expenses during the year ended December 31, 2024.
13 unchanged sentences
Past movements in the gold price are not indicators of future movements.
−Removed: The following chart shows movements in the price of gold based on the LBMA PM Gold Price in U.S.
+Added: The following chart shows movements in the price of gold based on the LBMA Gold Price PM in U.S.
dollars per ounce over the period from January 1, 2025 to December 31, 2025.
−Removed: The LBMA Gold Price benchmark is administered and licensed by ICE Benchmark Administration Limited (IBA).
−Removed: The LBMA Gold Price benchmark displayed on this website is provided for information purposes only and may not be copied, distributed or used for any other purpose, commercial or otherwise.
Daily gold price – January 1, 2025 to December 31, 2025
−Removed: LBMA PM Gold Price (in USD)
−Removed: The average, high, low and end-of-period gold prices for each quarterly period from January 1, 2024 through December 31, 2024, based on the LBMA PM Gold Price were:
+Added: LBMA Gold Price PM (in USD)
+Added: The average, high, low and end-of-period gold prices for each quarterly period from January 1, 2025 through December 31, 2025, based on the LBMA PM Gold Price PM were:
+Added: Last business
October 1, 2025 to December 31, 2025
2 unchanged sentences
January 1, 2025 to March 31, 2025
−Removed: The end of period gold price is the LBMA PM Gold Price on the last business day of the period.
+Added: 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 Agreement and the basis used for calculating the NAV of the Trust.
December 31, 2025 was the last day of the fiscal year;
−Removed: however, no LBMA PM Gold Price was recorded on that date.
−Removed: Numbers provided are from LBMA AM Gold Price on December 31, 2024, the last price recorded for the fiscal year.
+Added: however, no LBMA Gold Price PM was recorded on that date.
+Added: Numbers provided are from LBMA Gold Price AM on December 31, 2025, the last price recorded for the fiscal year.
Quantitative and Qualitative Disclosures About Market Risk.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.