SPDR GOLD TRUST 10-K

Item 5. Market for Registrant ’ s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information The Trust’s Shares have been listed on the NYSE Arca under the symbol “GLD” since December 13, 2007, after a transfer from the New York Stock Exchange (“NYSE”) where the Shares were listed since its initial public offering on November 18, 2004. The Shares have traded on the Mexican Stock Exchange (Bolsa Mexicana de Valores) since August 10, 2006, the Singapore Exchange Limited since October 11, 2006, the Tokyo Stock Exchange since June 30, 2008 and the Hong Kong Exchanges and Clearing Limited since July 31, 2008. Holders of Record As of October 31, 2025, there were approximately 202 DTC participating shareholders of record of the Trust. Because most of the Trust’s Shares are held by brokers and other institutions on behalf of shareholders, we are unable to estimate the total number of shareholders represented by these record holders. Issuer Purchase of Shares Although the Trust does not purchase Shares directly from its shareholders, in connection with its redemption of Baskets, the Trust redeemed 127,600,000 Shares (1,276 Baskets) during the year ended September 30, 2025, including 28,000,000 Shares (280 Baskets) for the three months ended September 30, 2025 as set forth in the table below. Total number of Average ounces Period Shares redeemed of gold per Share 7/1/25 to 7/31/25 7,600,000 0.09212 8/1/25 to 8/31/25 8,300,000 0.09208 9/1/25 to 9/30/25 12,100,000 0.09206 TOTAL 28,000,000 0.09209 Item 6. [Reserved] Item 7. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations Trust Overview SPDR® Gold Trust is an investment trust that was formed November 12, 2004. The Trust issues 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 on behalf of the Trust by HSBC and JPMorgan. As of the date of this annual 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 Authorized Participants. An updated list of Authorized Participants can be obtained from the Trustee or the Sponsor. 28 Table of Contents 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 the 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 September 30, 2025 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. Critical Accounting Policy Valuation of Gold, Definition of Net Asset Value The Trustee values the gold held by the Trust and determines the NAV of the Trust on each day the NYSE Arca is open for regular trading, at the earlier 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 30 th . 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 14, 2025, JPMorgan's New York vault on March 24, 2025 and HSBC's London vault on April 1, 2025. During the period in which both the annual 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. 29 Table of Contents Gold acquired, or disposed of, by the Trust is recorded at average cost. The table below summarizes the impact of unrealized gains/(losses) on the Trust’s gold holdings at September 30, 2025 and 2024: (Amount in 000’s of US$) Sep-30, 2025 Sep-30, 2024 Investment in gold – cost $ 77,748,740 $ 50,991,703 Unrealized gain/(loss) on investment in gold 46,681,541 22,735,997 Investment in gold – market value $ 124,430,281 $ 73,727,700 Review of Financial Results Financial Highlights For the For the For the (All amounts in the following table and the subsequent paragraphs are in year ended year ended year ended 000’s of US$) Sep-30, 2025 Sep-30, 2024 Sep-30, 2023 Net realized and change in unrealized gain/(loss) on investment in gold $ 35,916,622 $ 20,605,087 $ 5,769,797 Net income/(loss) $ 35,553,538 $ 20,362,993 $ 5,548,188 Net cash provided by operating activities $ — $ — $ — The Trust’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2025 is made up of a gain of $114,866 on the sale of gold to pay expenses, a realized gain of $11,856,212 on gold distributed for the redemption of Shares, and a change in unrealized appreciation of $23,945,544 on investment in gold. The Trust’s net realized and change in unrealized gain on investment in gold for the year ended September 30, 2024 is made up of a gain of $51,161 on the sale of gold to pay expenses, a realized gain of $3,262,627 on gold distributed for the redemption of Shares, and a change in unrealized appreciation of $17,291,299 on investment in gold. The Trust’s net realized and change in unrealized loss on investment in gold for the year ended September 30, 2023 is made up of a gain of $26,600 on the sale of gold to pay expenses, a realized gain of $1,717,329 on gold distributed for the redemption of Shares, and a change in unrealized depreciation of $4,025,868 on investment in gold. Selected Supplemental Data Year ended Year ended Year ended (Amounts, except for per ounce and per share, are in 000’s) Sep-30, 2025 Sep-30, 2024 Sep-30, 2023 Ounces of Gold: Opening balance 28,033.9 28,088.3 30,323.5 Creations (excluding gold receivable at September 30, 2025 – 36.8; September 30, 2024 – 0 and September 30, 2023 – 0) 16,375.1 7,646.5 6,042.6 Redemptions (excluding gold payable at September 30, 2025 – 0; September 30, 2024 – 0 and September 30, 2023 – 0) (11,767.2 ) (7,593.8 ) (8,160.1 ) Sales of gold (113.6 ) (107.1 ) (117.7 ) Closing balance 32,528.2 28,033.9 28,088.4 Gold price per ounce – LBMA Gold Price PM $ 3,825.30 $ 2,629.95 $ 1,870.50 Market value of gold holdings $ 124,430,281 $ 73,727,700 $ 52,539,161 Number of Shares (in 000’s): Opening balance 303,300 302,700 324,300 Creations 178,000 82,600 65,000 Redemptions (127,600 ) (82,000 ) (86,600 ) Closing balance 353,700 303,300 302,700 On the date of inception of the Trust, the Custodian received 30,000 ounces of gold on behalf of the Trust in exchange for 300,000 Shares (3 Baskets). Trading of the Trust’s Shares commenced on November 18, 2004. In the year ended September 30, 2025, an additional 178,000,000 Shares (1,780 Baskets), were created in exchange for 16,411,912 ounces of gold, and 127,600,000 Shares (1,276 Baskets) were redeemed in exchange for 11,767,161 ounces of gold. For accounting purposes, the Trust reflects creations and the gold receivable with respect to such creations on the date of receipt of a notification of a creation but does not deliver Shares until the requisite amount of gold is received. Upon a redemption, the Trust delivers gold upon receipt of Shares. All references in this discussion to gold receivable and gold payable relate to creations and redemptions that had not been completed. These creations and redemptions were completed in the normal course of business, including the receipt and payment of the gold by the Custodian. 30 Table of Contents As at September 30, 2025, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 32,528,241.132 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $124,430,280,802.89 based on the LBMA Gold Price PM on September 30, 2025 (cost —$77,748,740,273). As at September 30, 2024, the amount of gold owned by the Trust and held by the Custodians on behalf of the Trust in their vaults was 28,033,879.111 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $73,727,700,367.97 based on the LBMA Gold Price PM on September 30, 2024 (cost —$50,991,703,359.03). As at September 30, 2023, the amount of gold owned by the Trust and held by HSBC, as the only custodian at the time, in its vault was 28,088,298 ounces, 100% of which is allocated gold in the form of London Good Delivery gold bars with a market value of $52,539,160,689 based on the LBMA Gold Price PM on September 30, 2023 (cost —$47,094,462,787). Cash Flow from Operations The Trust had no net cash flow from operations in the years ended September 30, 2025, 2024 and 2023. Cash received in respect of gold sold to pay expenses in the years ended September 30, 2025, 2024 and 2023 was the same as those expenses, resulting in a zero cash balance at September 30, 2025, 2024 and 2023. Off-Balance Sheet Arrangements The Trust is not a party to any off-balance sheet arrangements. Cash Resources and Liquidity At September 30, 2025 and 2024, 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 cash flow from its operations and that its cash balance will be zero at the end of each reporting period. Analysis of 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. This section identifies recent movements in the gold price. The following chart provides historical background on the price of gold. The chart illustrates movements in the price of gold in U.S. dollars per ounce over the period from October 1, 2020 to September 30, 2025 and is based on the LBMA Gold Price PM. Daily Gold Price – October 1, 2020 – September 30, 2025 LBMA Gold Price PM USD 31 Table of Contents 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 November 12, 2004 (the date of inception of the Trust) through September 30, 2025, based on the LBMA Gold Price 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 to December 31, 2022 $ 1,725.85 $ 1,823.55 Dec 13, 2022 $ 1,628.75 Nov 3, 2022 $ 1,812.35 Dec 30, 2022 (2) Three months to March 31, 2023 $ 1,889.92 $ 1,993.80 Mar 24, 2023 $ 1,810.95 Feb 24, 2023 $ 1,979.70 Mar 31, 2023 Three months to June 30, 2023 $ 1,975.93 $ 2,048.45 Apr 13, 2023 $ 1,899.60 Jun 29, 2023 $ 1,912.25 Jun 30, 2023 Three months to September 30, 2023 $ 1,928.23 $ 1,976.10 July 20, 2023 $ 1,870.50 Sep 29, 2023 $ 1,870.50 Sep 29, 2023 Three months to 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 to 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 to 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 to 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 to 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 to 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 to 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 to September 30, 2025 $ 3,456.54 $ 3,826.85 Sep 29, 2025 $ 3,298.85 Jul 31, 2025 $ 3,825.30 Sep 30, 2025 Twelve months ended September 30, 2023 $ 1,879.53 $ 2,048.45 Apr 13, 2023 $ 1,628.75 Nov 3, 2022 $ 1,870.50 Sep 29, 2023 Twelve months ended September 30, 2024 $ 2,216.95 $ 2,663.75 Sep 26, 2024 $ 1,818.95 Oct 4, 2023 $ 2,629.95 Sep 30, 2024 Twelve months ended September 30, 2025 $ 3,067.98 $ 3,826.85 Sep 29, 2025 $ 2,567.30 Nov 14, 2024 $ 3,825.30 Sep 30, 2025 November 12, 2004 to September 30, 2025 $ 1,399.42 $ 3,826.85 Sep 29, 2025 $ 411.10 Feb 8, 2005 $ 3,825.30 Sep 30, 2025 (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 2024, 2023 or 2022. The LBMA Gold Price AM on the last business day of December 2024, 2023 and 2022 was $2,610.85, $2,062.40, and $1,812.35, respectively. The Net Asset Value of the Trust on December 31, 2024, 2023 and 2022 was calculated using the LBMA Gold Price AM, in accordance with the Trust Indenture.