SPDR GOLD TRUST 10-Q

Item 1. Financial Statements (Unaudited) Statements of Financial Condition At June 30, 2026 (unaudited) and September 30, 2025 (Amounts in 000’s of US$ except for share and per share data) Jun-30, 2026 Sep-30, 2025 (unaudited) ASSETS Investments in Gold, at fair value (cost $ 95,236,109 and $ 77,748,740 at June 30, 2026 and September 30, 2025, respectively) $ 130,098,696 $ 124,430,281 Gold receivable $ — $ 140,834 Total Assets $ 130,098,696 $ 124,571,115 LIABILITIES Accounts payable to Sponsor $ 45,418 $ 38,255 Gold payable — — Total Liabilities $ 45,418 $ 38,255 Net Assets $ 130,053,278 $ 124,532,860 Shares issued and outstanding (1) 352,000,000 353,700,000 Net asset value per Share $ 369.47 $ 352.09 (1) Authorized share capital is unlimited and the par value of the Shares is $ 0.00 . See notes to the unaudited financial statements. 1 Table of Contents SPDR ® GOLD TRUST Schedules of Investment (Amounts in 000 ’ s except for percentages) June 30, 2026 Ounces of gold Cost Fair Value % of Net Assets (unaudited) Investment in Gold 32,314.2 $ 95,236,109 $ 130,098,696 100.03 % Total Investment $ 95,236,109 $ 130,098,696 100.03 % Assets/(Liabilities) in excess of other assets/liabilities ( 45,418 ) ( 0.03 )% Net Assets $ 130,053,278 100.00 % September 30, 2025 Ounces of gold Cost Fair Value % of Net Assets Investment in Gold 32,528.2 $ 77,748,740 $ 124,430,281 99.92 % Total Investment $ 77,748,740 $ 124,430,281 99.92 % Liabilities in excess of other assets 102,579 0.08 % Net Assets $ 124,532,860 100.00 % See notes to the unaudited financial statements. 2 Table of Contents SPDR ® GOLD TRUST Unaudited Statements of Operations For the three and nine months ended June 30, 2026 and June 30, 2025 Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Amounts in 000’s of US$, except per share data) Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) EXPENSES Sponsor fees $ 149,764 $ 98,833 $ 455,828 $ 254,889 Total expenses 149,764 98,833 455,828 254,889 Net investment loss ( 149,764 ) ( 98,833 ) ( 455,828 ) ( 254,889 ) Net realized and change in unrealized gain/(loss) on investment in gold Net realized gain/(loss) from investment in gold sold to pay expenses 59,996 32,750 180,189 79,185 Net realized gain/(loss) from gold distributed for the redemption of shares 4,651,020 4,165,367 18,435,005 8,802,621 Net change in unrealized gain/(loss) on investment in gold ( 23,938,151 ) 956,231 ( 11,818,953 ) 10,096,052 Net realized and change in unrealized gain/(loss) on investment in gold ( 19,227,135 ) 5,154,348 6,796,241 18,977,858 Net increase/(decrease) in net assets resulting from operations $ ( 19,376,899 ) $ 5,055,515 $ 6,340,413 $ 18,722,969 Net increase/(decrease) in net assets per share $ ( 53.54 ) $ 15.43 $ 17.25 $ 59.62 Weighted average number of shares (in 000’s) 361,941 327,685 367,518 314,046 See notes to the unaudited financial statements. 3 Table of Contents SPDR ® GOLD TRUST Unaudited Statements of Cash Flows For the three and nine months ended June 30, 2026 and June 30, 2025 Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Amounts in 000’s of US$) Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) INCREASE/DECREASE IN CASH FROM OPERATIONS: Proceeds from sales of gold to pay expenses $ 161,121 $ 95,090 $ 448,665 $ 245,065 Cash expenses paid ( 161,121 ) ( 95,090 ) ( 448,665 ) ( 245,065 ) Increase/(Decrease) in cash resulting from operations — — — — Cash and cash equivalents at beginning of period — — — — Cash and cash equivalents at end of period $ — $ — $ — $ — SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: Value of gold received for creation of shares-net of change in gold receivable $ 7,956,437 $ 14,312,449 $ 46,127,113 $ 35,362,787 Value of gold distributed for redemption of shares-net of change in gold payable $ 13,467,750 $ 11,789,181 $ 46,806,274 $ 26,903,492 Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Amounts in 000’s of US$) Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) RECONCILIATION OF NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES Net increase/(decrease) in net assets resulting from operations $ ( 19,376,899 ) $ 5,055,515 $ 6,340,413 $ 18,722,969 Adjustments to reconcile net increase/(decrease) to net cash provided by operating activities: Proceeds from sales of gold to pay expenses 161,121 95,090 448,665 245,065 Net realized (gain)/loss from investment in gold sold to pay expenses ( 59,996 ) ( 32,750 ) ( 180,189 ) ( 79,185 ) Net realized (gain)/loss from gold distributed for the redemption of shares ( 4,651,020 ) ( 4,165,367 ) ( 18,435,005 ) ( 8,802,621 ) Net change in unrealized (gain)/loss on investment in gold 23,938,151 ( 956,231 ) 11,818,953 ( 10,096,052 ) Increase/(Decrease) in accounts payable to Sponsor ( 11,357 ) 3,743 7,163 9,824 Net cash provided by operating activities $ — $ — $ — $ — See notes to the unaudited financial statements. 4 Table of Contents SPDR ® GOLD TRUST Unaudited Statements of Changes in Net Assets For the three and nine months ended June 30, 2026 and June 30, 2025 Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended (Amounts in 000’s of US$) Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net Assets - Opening Balance $ 155,110,825 $ 93,451,272 $ 124,532,860 $ 73,704,147 Creations 7,787,102 14,168,805 45,986,279 35,362,787 Redemptions ( 13,467,750 ) ( 12,031,478 ) ( 46,806,274 ) ( 27,145,789 ) Net investment loss ( 149,764 ) ( 98,833 ) ( 455,828 ) ( 254,889 ) Net realized gain/(loss) from investment in gold sold to pay expenses 59,996 32,750 180,189 79,185 Net realized gain/(loss) from gold distributed for the redemption of shares 4,651,020 4,165,367 18,435,005 8,802,621 Net change in unrealized gain/(loss) on investment in gold ( 23,938,151 ) 956,231 ( 11,818,953 ) 10,096,052 Net Assets - Closing Balance $ 130,053,278 $ 100,644,114 $ 130,053,278 $ 100,644,114 Three Months Three Months Nine Months Nine Months Activity in Number of Shares Created and Redeemed Ended Ended Ended Ended (Amounts are in 000's) Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Shares issued and outstanding- Opening Balance 366,400 325,300 353,700 303,300 Creations 18,500 47,100 110,800 128,600 Redemptions ( 32,900 ) ( 40,100 ) ( 112,500 ) ( 99,600 ) Shares issued and outstanding- Closing Balance 352,000 332,300 352,000 332,300 See notes to the unaudited financial statements. 5 Table of Contents SPDR ® GOLD TRUST Notes to the Unaudited Financial Statements 1. Organization The SPDR ® Gold Trust (the “Trust”) is an investment trust formed on November 12, 2004 under New York law pursuant to a trust indenture (the “Trust Indenture”). The fiscal year-end for the Trust is September 30 th . The Trust holds gold and is expected from time to time to issue shares (“Shares”) (in minimum denominations of 100,000 Shares, also referred to as “Baskets”) in exchange for deposits of gold and to distribute 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 Trust’s expenses. World Gold Trust Services, LLC is the sponsor of the Trust (the “Sponsor”). The Bank of New York Mellon is the trustee of the Trust (the “Trustee”). State Street Global Advisors Funds Distributors, LLC is the marketing agent of the Trust (the “Marketing Agent”). HSBC Bank plc and JPMorgan Chase Bank, N.A. are the custodians of the Trust (each a "Custodian" and together, the “Custodians”). The Shares trade on the NYSE Arca, Inc. (the “NYSE Arca”) under the symbol “GLD”, providing investors with an efficient means to obtain market exposure to the price of gold bullion. The Shares are also listed on the Hong Kong Exchanges and Clearing Limited, the Mexican Stock Exchange (Bolsa Mexicana de Valores), the Singapore Exchange Limited and the Tokyo Stock Exchange. The Trustee does not actively manage the gold held by the Trust. This means that the Trustee does not sell gold at times when its price is high or acquire gold at low prices in the expectation of future price increases. It also means that the Trustee does not make use of any of the hedging techniques available to professional gold investors to attempt to reduce the risk of losses resulting from price decreases. Any losses sustained by the Trust will adversely affect the value of the Shares. The Statements of Financial Condition and Schedules of Investment at June 30, 2026 and the Statements of Operations, Cash Flows and Changes in Net Assets for the three and nine months ended June 30, 2026 and 2025 have been prepared on behalf of the Trust without audit. In the opinion of management of the Sponsor of the Trust, all adjustments (which include normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the three and nine months ended June 30, 2026 and for all periods presented have been made. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Trust’s Annual Report on Form 10-K for the fiscal year ended September 30, 2025. The results of operations for the three and nine months ended June 30, 2026 are not necessarily indicative of the operating results for the full fiscal year. 2. Significant Accounting Policies The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires those responsible for preparing financial statements to make estimates and assumptions that affect the reported amounts and disclosures. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Trust. 2.1. Basis of Accounting For accounting purposes only, the Trust is an investment company and, therefore, applies the specialized accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies. The Trust is not registered as an investment company under the Investment Company Act of 1940, as amended. 2.2. Fair Value Measurement FASB Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures, provides a single definition of fair value, a hierarchy for measuring fair value and expanded disclosures about fair value adjustments. The Trust does not hold any derivative instruments, and its assets only consist of allocated gold bullion and, from time to time, (i) gold receivable, representing gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account and (ii) cash, which is used to pay expenses. U.S. GAAP defines fair value as the price the Trust would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Trust’s policy is to value its investments at fair value. 6 Table of Contents Various inputs are used in determining the fair value of assets and liabilities. Inputs may be based on independent market data (“observable inputs”) or they may be internally developed (“unobservable inputs”). These inputs are categorized into a disclosure hierarchy consisting of three broad levels for financial reporting purposes. The level of a value determined for an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are as follows: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – Inputs that are unobservable for the asset or liability, including the Trust’s assumptions used in determining the fair value of investments. The following table summarizes the Trust’s investments in gold at fair value: (Amounts in 000’s of US$) June 30, 2026 Level 1 Level 2 Level 3 Investment in Gold $ 130,098,696 $ — $ — Total $ 130,098,696 $ — $ — (Amounts in 000’s of US$) September 30, 2025 Level 1 Level 2 Level 3 Investment in Gold $ 124,430,281 $ — $ — Total $ 124,430,281 $ — $ — There were no transfers between Level 1 and other Levels for the nine months ended June 30, 2026, or for the year ended September 30, 2025. The Trustee values the gold held by the Trust on the basis of the price of an ounce of gold as determined by the ICE Benchmark Administration Limited (“IBA”), a benchmark administrator, which provides an independently administered auction process as well as the overall administration and governance for the London Bullion Market Association (“LBMA”). In determining the net asset value (“NAV”) of the Trust, the Trustee values the gold held by the Trust based on the price of an ounce of gold determined by the IBA 3:00 PM auction process (“LBMA Gold Price PM”), which is an electronic auction, with the imbalance calculated, and the price adjusted in rounds (30 seconds in duration). The auction runs twice daily at 10:30 AM and 3:00 PM London time. The Trustee determines the NAV of the Trust on each day 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 made 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 a 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. 2.3. Custody of Gold Gold is held by the Custodians on behalf of the Trust, 100 % of which is allocated gold in the form of good delivery gold bars. A current list of all gold held by each Custodian, including any held with a subcustodian is available on the Sponsor’s website at www.spdrgoldshares.com. 7 Table of Contents 2.4. Gold Receivable Gold receivable represents the quantity of gold covered by contractually binding orders for the creation of Shares where the gold has not yet been transferred to the Trust’s account. Generally, ownership of the gold is transferred within one business day of the trade date. (Amounts in 000’s of US$) Jun-30, 2026 Sep-30, 2025 Gold receivable $ — $ 140,834 2.5. Gold Payable Gold payable represents the quantity of gold covered by contractually binding orders for the redemption of Shares where the gold has not yet been transferred out of the Trust’s account. Generally, ownership of the gold is transferred within one business day of the trade date. (Amounts in 000’s of US$) Jun-30, 2026 Sep-30, 2025 Gold payable $ — $ — 2.6. Creations and Redemptions of Shares The Trust creates and redeems Shares from time to time, but only in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (“Authorized Participants”) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of the number of Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received. As the Shares of the Trust are redeemable in Baskets at the option of the Authorized Participants, the Trust has classified the Shares as Net Assets for financial reporting purposes. Activity in the number and value of Shares created and redeemed for the nine months ended June 30, 2026 and 2025 are as follows: Nine Months Nine Months Ended Ended (Amounts are in 000’s) Jun-30, 2026 Jun-30, 2025 Activity in Number of Shares Created and Redeemed: Creations 110,800 128,600 Redemptions ( 112,500 ) ( 99,600 ) Net Change in Number of Shares Created and Redeemed ( 1,700 ) 29,000 Nine Months Nine Months Ended Ended (Amounts in 000’s of US$) Jun-30, 2026 Jun-30, 2025 Activity in Value of Shares Created and Redeemed: Creations $ 45,986,279 $ 35,362,787 Redemptions $ ( 46,806,274 ) $ ( 27,145,789 ) Net change in Value of Shares Created and Redeemed $ ( 819,995 ) $ 8,216,998 2.7. Income and Expense (Amounts in 000 ’ s of US$) The Trustee will, at the direction of the Sponsor or in its own discretion, sell the Trust’s gold as necessary to pay the Trust’s expenses. When selling gold to pay expenses, the Trustee will endeavor to sell the smallest amount of gold needed to pay expenses in order to minimize the Trust’s holdings of assets other than gold. Unless otherwise directed by the Sponsor, the Trustee will sell gold to the Custodians at the next LBMA Gold Price PM following the sale order. A gain or loss is recognized based on the difference between the selling price and the average cost of the gold sold, and such amounts are reported as net realized gain/(loss) from investment in gold sold to pay expenses on the Statements of Operations. The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2026 of $( 19,227,135 ) and $ 6,796,241 , respectively, is made up of a realized gain/(loss) of $ 59,996 and $ 180,189 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 4,651,020 and $ 18,435,005 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $( 23,938,151 ) and $( 11,818,953 ), respectively, on investment in gold. 8 Table of Contents The Trust’s net realized and change in unrealized gain/(loss) on investment in gold for the three and nine months ended June 30, 2025 of $ 5,154,348 and $ 18,977,858 , respectively is made up of a realized gain/(loss) of $ 32,750 and $ 79,185 , respectively, from the sale of gold to pay expenses, a realized gain/(loss) of $ 4,165,367 and $ 8,802,621 , respectively, from gold distributed for the redemption of Shares, and a change in unrealized gain/(loss) of $ 956,231 and $ 10,096,052 , respectively, on investment in gold. 2.8. Income Taxes The Trust is classified as a “grantor trust” for U.S. federal income tax purposes. As a result, the Trust itself will not be subject to U.S. federal income tax. Instead, the Trust’s income and expenses will “flow through” to the Shareholders, and the Trustee will report the Trust’s proceeds, income, deductions, gains, and losses to the Internal Revenue Service on that basis. The Sponsor of the Trust has evaluated whether or not there are uncertain tax positions that require financial statement recognition and has determined that no reserves for uncertain tax positions are required as of June 30, 2026 or September 30, 2025. The Sponsor evaluates tax positions taken or expected to be taken in the course of its tax treatment, and its tax reporting to its shareholders, of these positions to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet that threshold would be recorded as an expense in the current year. The Trust is required to analyze all open tax years. Open tax years are those years that are open for examination by the relevant income taxing authority. As of June 30, 2026, the 2025, 2024, and 2023 tax years remain open for examination. There were no examinations in progress at period end. 2.9. Segment Reporting The Principal Financial and Accounting Officer of the Sponsor performs the functions of the Trust’s chief operating decision maker (“CODM”). The CODM monitors the operating results of the Trust as a whole, and the Trust's asset allocation is managed in accordance with its Prospectus. The Trust operates as a single operating and reporting segment pursuant to its investment objective. The Trust's Prospectus describes the Trust's fees, investment objective, and principal risks, among other items. The Trust's portfolio composition, total returns, expense ratios and changes in net assets used by the CODM to assess segment performance and make resource allocations are consistent with the information presented within the Trust's financial statements. The accompanying financial statements detail the Trust's segment assets, liabilities, revenues, and expenses. Segment assets are reflected on the Trust's Statements of Financial Condition as “Total Assets” and significant segment expenses are listed on the Statements of Operations. 3. Related Parties – Sponsor and Trustee The Trust’s only recurring fixed expense is the Sponsor’s fee which accrues daily at an annual rate equal to 0.40 % of the daily NAV, in exchange for the Sponsor assuming the responsibility to pay all ordinary fees and expenses of the Trust which include fees and expenses of the Trustee, the fees and expenses of the Custodians for the custody of the Trust’s gold bars, the fees and expenses of the Sponsor, certain taxes, the fees of the Marketing Agent, printing and mailing costs, legal and audit fees, registration fees, NYSE Arca listing fees and other marketing costs and expenses. Affiliates of the Trustee may from time to time act as Authorized Participants or purchase or sell gold or Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion. 4. Concentration of Risk The Trust’s primary business activity is the investment of gold and the issuance and sale of Shares. Various factors could affect the price of gold including: (i) global supply and demand, which is influenced by such factors as gold’s uses in jewelry, technology and industrial applications, purchases made by investors in the form of bars, coins and other gold products, forward selling by gold producers, purchases made by gold producers to unwind gold hedge positions, central bank purchases and sales, and production and cost levels in major gold-producing countries such as China, Australia, Canada and the United States; (ii) investors’ expectations with respect to the rate of inflation; (iii) currency exchange rates; (iv) interest rates; (v) investment and trading activities of hedge funds and commodity funds; (vi) other economic variables such as income growth, economic output, and monetary policies; and (vii) global or regional political, economic or financial events and situations, especially those that are unexpected in nature. In addition, while gold is used to preserve wealth by investors around the world, there is no assurance that gold will maintain its long-term value in terms of purchasing power in the future. In the event that the price of gold declines, the Sponsor expects the value of an investment in the Shares to decline proportionately. Each of these events could have a material effect on the Trust’s financial position and results of operations. 5. Indemnification The Sponsor, and its shareholders, members, directors, officers, employees, affiliates and subsidiaries, are indemnified by the Trust and held harmless against certain losses, liabilities or expenses incurred in the performance of their duties under the Trust Indenture without gross negligence, bad faith, willful misconduct, willful malfeasance or reckless disregard of the indemnified party’s obligations and duties under the Trust Indenture. Such indemnity includes payment by the Trust of the costs and expenses incurred in defending against any claim or liability under the Trust Indenture. Under the Trust Indenture, the Sponsor may be able to seek indemnification by the Trust for payments it makes in connection with the Sponsor’s activities under the Trust Indenture to the extent its conduct does not disqualify it from receiving such indemnification under the terms of the Trust Indenture. The Sponsor is also indemnified by the Trust and held harmless against any loss, liability or expense arising under the Amended and Restated Marketing Agent Agreement between the Sponsor and the Marketing Agent effective July 17, 2015, as amended, or any agreement entered into with an Authorized Participant which provides the procedures for the creation and redemption of Baskets and for the delivery of gold and any cash required for creations and redemptions insofar as such loss, liability or expense arises from any untrue statement or alleged untrue statement of a material fact contained in any written statement provided to the Sponsor by the Trustee. Any amounts payable to the Sponsor are secured by a lien on the Trust’s assets. 9 Table of Contents The Sponsor has agreed to indemnify certain parties against certain liabilities and to contribute to payments that such parties may be required to make in respect of those liabilities. The Trustee has agreed to reimburse such parties, solely from and to the extent of the Trust’s assets, for indemnification and contribution amounts due from the Sponsor in respect of such liabilities to the extent the Sponsor has not paid such amounts when due. The Sponsor has agreed that, to the extent the Trustee pays any amount in respect of the reimbursement obligations described in the preceding sentence, the Trustee, for the benefit of the Trust, will be subrogated to and will succeed to the rights of the party so reimbursed against the Sponsor. 6. Commitments and Contingent Liabilities In the normal course of business, the Trust may enter into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future potential claims that may be made against the Trust that have not yet occurred. 7. Financial Highlights The Trust is presenting the following financial highlights related to investment performance of a Share outstanding for the three and nine months ended June 30, 2026 and 2025, respectively. The total return at net asset value is based on the change in net asset value of a Share during the period and the total return at market value is based on the change in market value of a Share on the NYSE Arca during the period. An individual investor’s return and ratios may vary based on the timing of capital transactions. Financial Highlights (Unaudited) For the three and nine months ended June 30, 2026 and 2025 Three Months Three Months Nine Months Nine Months Ended Ended Ended Ended Jun-30, 2026 Jun-30, 2025 Jun-30, 2026 Jun-30, 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net Asset Value Net Asset Value per Share, beginning of period $ 423.34 $ 287.28 $ 352.09 $ 243.01 Net investment income/(loss) (1) ( 0.41 ) ( 0.30 ) ( 1.24 ) ( 0.81 ) Net Realized and Change in Unrealized Gain/(Loss) (2) ( 53.46 ) 15.89 18.62 60.67 Net increase/(decrease) in net assets resulting from operations ( 53.87 ) 15.59 17.38 59.86 Net Asset Value per Share, end of period $ 369.47 $ 302.87 $ 369.47 $ 302.87 Market Value per Share, beginning of period $ 430.29 $ 288.14 $ 355.47 $ 243.06 Market Value per Share, end of period $ 368.38 $ 304.83 $ 368.38 $ 304.83 Ratio to average net assets Net investment loss(3) ( 0.40 )% ( 0.40 )% ( 0.40 )% ( 0.40 )% Gross expenses(3) 0.40 % 0.40 % 0.40 % 0.40 % Net expenses(3) 0.40 % 0.40 % 0.40 % 0.40 % Total Return, at Net Asset Value(4) ( 12.72 )% 5.43 % 4.94 % 24.63 % Total Return, at Market Value(4) ( 14.39 )% 5.79 % 3.63 % 25.41 % (1) Based on the average number of Shares outstanding during the period. (2) The amounts reported for a Share outstanding may not accord with the change in aggregate gains and losses on investment for the period due to the timing of Share transactions in relation to the fluctuating fair values of the Trust's underlying investment. (3) Percentages are annualized. (4) Percentages are not annualized. 8. Subsequent Events There are no known events that have occurred subsequent to June 30, 2026 that require additional disclosure in these financial statements. 10 Table of Contents Item 2. Management ’ s Discussion and Analysis of Financial Condition and Results of Operations 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 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 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