Inflation-Adjusted SPDR Gold Shares (GLD)

The SPDR Gold Shares (GLD) is an exchange-traded fund that tracks the price of gold bullion, providing investors with a convenient way to gain exposure to gold without the complexities of physical ownership.

Gold is often viewed as an inflation hedge, but its nominal price movements don't always reflect its true purchasing power performance over time. This page adjusts GLD's historical prices for inflation using the US Consumer Price Index, revealing how the ETF has performed in real terms relative to broader inflation trends.

Nominal prices are adjusted for stock splits and assume reinvestment of any dividends to reflect total return. Inflation-adjusted prices use April 2026 as the baseline (latest available CPI).

The current value of the SPDR Gold Shares ETF is 417.4 (as of the close of May 20, 2026), 15.83% lower than the all-time high of 495.9 (Jan 29, 2026).

Since November 18, 2004, the inflation-adjusted total return for the ETF has been 439.42%, which is equivalent to an annual growth rate of 8.15%.

In nominal values, the total return since this date has been 840.51%, or an annualized rate of 10.99%.

Inflation-Adjusted Values by Month

This data presents the ETF's end-of-month closing levels over time. The inflation-adjusted column shows what each past level would represent in roughly today's dollars based on the latest CPI reading, following the same present-value method that underlies the US Inflation Calculator. The newest row will show matching nominal and adjusted values until another CPI update becomes available.

Date	Inflation-Adjusted	Nominal value
May 2026	417.4	417.4
Apr 2026	423.66	423.66
Mar 2026	433.95	430.29
Feb 2026	492.98	483.75
Jan 2026	455.58	444.95
Dec 2025	407.28	396.31
Nov 2025	398.53	387.88
Oct 2025	368.12	368.12
Sep 2025	364.47	355.47
Aug 2025	326.95	318.07
Jul 2025	312.31	302.96
Jun 2025	314.71	304.83
May 2025	314.51	303.6
Apr 2025	315.35	303.77
Mar 2025	300.05	288.14
Feb 2025	274.77	263.27
Jan 2025	271.05	258.56
Dec 2024	255.49	242.13
Nov 2024	259.23	245.59
Oct 2024	267.45	253.51
Sep 2024	256.72	243.06
Aug 2024	244.68	231.29
Jul 2024	239.86	226.55
Jun 2024	227.91	215.01
May 2024	228.29	215.3
Apr 2024	225.03	211.87
Mar 2024	219.35	205.72
Feb 2024	203.15	189.31
Jan 2024	203.48	188.45
Dec 2023	207.54	191.17
Nov 2023	204.71	188.75
Oct 2023	199.26	184.09
Sep 2023	185.5	171.45
Aug 2023	195.26	180.02
Jul 2023	198.65	182.35
Jun 2023	194.58	178.27
May 2023	199.64	182.32
Apr 2023	202.87	184.8
Mar 2023	202.15	183.22
Feb 2023	187.94	169.78
Jan 2023	199.71	179.41
Dec 2022	190.34	169.64
Nov 2022	184.36	164.81
Oct 2022	169.76	151.91
Sep 2022	173.54	154.67
Aug 2022	179.09	159.27
Jul 2022	184.45	164.1
Jun 2022	189.33	168.46
May 2022	194.98	171.14
Apr 2022	203.78	176.91
Mar 2022	209.25	180.65
Feb 2022	209.38	178.38
Jan 2022	199.1	168.09
Dec 2021	204.21	170.96
Nov 2021	198.29	165.5
Oct 2021	200.65	166.65
Sep 2021	199.37	164.22
Aug 2021	206.57	169.69
Jul 2021	207.15	169.82
Jun 2021	203.01	165.63
May 2021	220.67	178.38
Apr 2021	206.58	165.66
Mar 2021	201.11	159.96
Feb 2021	204.88	161.81
Jan 2021	219.75	172.61
Dec 2020	228.04	178.36
Nov 2020	213.29	166.67
Oct 2020	225.35	176.2
Sep 2020	226.62	177.12
Aug 2020	236.81	184.83
Jul 2020	238.33	185.43
Jun 2020	216.21	167.37
May 2020	211.6	162.91
Apr 2020	206.26	158.8
Mar 2020	191.01	148.05
Feb 2020	191.02	148.38
Jan 2020	192.77	149.33
Dec 2019	185.19	142.9
Nov 2019	178.49	137.86
Oct 2019	184.31	142.43
Sep 2019	180.12	138.87
Aug 2019	186.59	143.75
Jul 2019	172.9	133.21
Jun 2019	173.18	133.2
May 2019	160.38	123.33
Apr 2019	157.94	121.2
Mar 2019	159.84	122.01
Feb 2019	163.35	123.99
Jan 2019	165.05	124.75
Dec 2018	160.72	121.25
Nov 2018	152.66	115.54
Oct 2018	151.64	115.15
Sep 2018	148.75	112.76
Aug 2018	149.92	113.51
Jul 2018	153.28	115.99
Jun 2018	156.8	118.65
May 2018	162.94	123.1
Apr 2018	165.6	124.59
Mar 2018	167.86	125.79
Feb 2018	167.18	125
Jan 2018	171.5	127.65
Dec 2017	167.03	123.65
Nov 2017	163.49	121.1
Oct 2017	162.92	120.67
Sep 2017	164.04	121.58
Aug 2017	170.66	125.82
Jul 2017	164.27	120.75
Jun 2017	160.45	118.02
May 2017	164.13	120.62
Apr 2017	164.48	120.77
Mar 2017	162.17	118.72
Feb 2017	162.99	119.23
Jan 2017	158.46	115.55
Dec 2016	151.19	109.61
Nov 2016	154.19	111.75
Oct 2016	167.99	121.94
Sep 2016	173.3	125.64
Aug 2016	172.53	124.78
Jul 2016	178.5	128.98
Jun 2016	174.75	126.47
May 2016	160.89	116.06
Apr 2016	172.1	123.65
Mar 2016	164.52	117.64
Feb 2016	166.63	118.64
Jan 2016	150.33	106.95
Dec 2015	142.85	101.46
Nov 2015	143.01	101.92
Oct 2015	153.04	109.3
Sep 2015	149.56	106.86
Aug 2015	152.06	108.82
Jul 2015	146.42	104.93
Jun 2015	156.81	112.37
May 2015	159.78	114.1
Apr 2015	159.71	113.47
Mar 2015	160.3	113.66
Feb 2015	164.81	116.16
Jan 2015	175.91	123.45
Dec 2014	161.08	113.58
Nov 2014	158.1	112.11
Oct 2014	158.02	112.66
Sep 2014	162.58	116.21
Aug 2014	173.42	123.86
Jul 2014	172.47	123.39
Jun 2014	178.9	128.04
May 2014	168.58	120.43
Apr 2014	174.49	124.22
Mar 2014	174.21	123.61
Feb 2014	181.02	127.62
Jan 2014	170.97	120.09
Dec 2013	165.93	116.12
Nov 2013	172.46	120.7
Oct 2013	182.15	127.74
Sep 2013	182.3	128.18
Aug 2013	191.69	134.62
Jul 2013	182.42	127.96
Jun 2013	169.87	119.11
May 2013	191.45	133.92
Apr 2013	204.47	142.77
Mar 2013	220.97	154.45
Feb 2013	219.46	153
Jan 2013	233.12	161.2
Dec 2012	235	162.02
Nov 2012	240.2	166.05
Oct 2012	240.18	166.83
Sep 2012	247.37	171.89
Aug 2012	237.39	164.22
Jul 2012	227.47	156.49
Jun 2012	225.21	155.19
May 2012	219.71	151.62
Apr 2012	234.3	161.88
Mar 2012	235.36	162.12
Feb 2012	240.32	164.29
Jan 2012	248.75	169.31
Dec 2011	224.29	151.99
Nov 2011	250.44	170.13
Oct 2011	246.12	167.34
Sep 2011	232	158.06
Aug 2011	261.25	177.72
Jul 2011	233.33	158.29
Jun 2011	215.4	146
May 2011	220.54	149.64
Apr 2011	225.62	152.37
Mar 2011	208.43	139.86
Feb 2011	207.15	137.66
Jan 2011	196.39	129.87
Dec 2010	210.77	138.72
Nov 2010	206.11	135.42
Oct 2010	201.93	132.62
Sep 2010	195	127.91
Aug 2010	186.22	122.08
Jul 2010	176.42	115.49
Jun 2010	185.91	121.68
May 2010	181.45	118.88
Apr 2010	176.22	115.36
Mar 2010	166.72	108.95
Feb 2010	168.14	109.43
Jan 2010	162.85	105.96
Dec 2009	165.49	107.31
Nov 2009	178.02	115.64
Oct 2009	157.95	102.53
Sep 2009	152.42	98.85
Aug 2009	144.11	93.4
Jul 2009	144.36	93.35
Jun 2009	140.78	91.18
May 2009	149.8	96.2
Apr 2009	136.29	87.27
Mar 2009	141.34	90.28
Feb 2009	145.38	92.63
Jan 2009	144.02	91.31
Dec 2008	137.06	86.52
Nov 2008	125.9	80.31
Oct 2008	109.7	71.34
Sep 2008	129.49	85.07
Aug 2008	124.2	81.71
Jul 2008	136.38	90.08
Jun 2008	139.1	91.4
May 2008	134.43	87.45
Apr 2008	134.33	86.65
Mar 2008	141	90.41
Feb 2008	151.3	96.18
Jan 2008	144.2	91.4
Dec 2007	130.74	82.46
Nov 2007	122.51	77.32
Oct 2007	125.31	78.62
Sep 2007	117.42	73.51
Aug 2007	106.54	66.52
Jul 2007	105.18	65.79
Jun 2007	102.73	64.27
May 2007	104.96	65.54
Apr 2007	108.1	67.09
Mar 2007	106.61	65.74
Feb 2007	108.79	66.48
Jan 2007	106.66	64.83
Dec 2006	104.31	63.21
Nov 2006	106.42	64.39
Oct 2006	99.41	60.24
Sep 2006	97.61	59.47
Aug 2006	101.74	62.29
Jul 2006	103.36	63.16
Jun 2006	100.5	61.23
May 2006	105.63	64.23
Apr 2006	107.57	65.09
Mar 2006	96.84	58.1
Feb 2006	93.97	56.07
Jan 2006	95.22	56.7
Dec 2005	87.28	51.58
Nov 2005	82.75	49.1
Oct 2005	77.57	46.4
Sep 2005	78.23	46.7
Aug 2005	73.59	43.4
Jul 2005	72.98	42.82
Jun 2005	74.38	43.44
May 2005	71.35	41.65
Apr 2005	74.19	43.35
Mar 2005	73.77	42.82
Feb 2005	75.58	43.53
Jan 2005	73.73	42.22
Dec 2004	76.65	43.8
Nov 2004	78.67	45.12

Returns from Investing in the SPDR Gold Shares ETF

How much did an investment in the GLD ETF really grow each year after accounting for inflation? The following chart contains the inflation-adjusted real annual percentage returns.

Detailed Annual Returns (Adjusted vs. Nominal)

The table below shows the returns for the SPDR Gold Shares ETF by year, both inflation-adjusted and nominal. You can sort any column by clicking on the header.

Year	Inflation-Adjusted Return	Nominal Return
2024	23.1%	26.66%
2023	9.04%	12.69%
2022	-6.79%	-0.77%
2021	-10.45%	-4.15%
2020	23.14%	24.81%
2019	15.22%	17.86%
2018	-3.78%	-1.94%
2017	10.48%	12.81%
2016	5.84%	8.03%
2015	-11.32%	-10.67%
2014	-2.92%	-2.19%
2013	-29.39%	-28.33%
2012	4.77%	6.6%
2011	6.41%	9.57%
2010	27.37%	29.27%
2009	20.74%	24.03%
2008	4.83%	4.92%
2007	25.34%	30.45%
2006	19.51%	22.55%
2005	13.87%	17.76%

Spdr Gold Shares Etf: Average Annualized Returns

Annualized returns show the average rate of growth per year, making it easier to compare performance across different time periods. While nominal returns indicate the headline growth, adjusting for inflation reveals the actual change in purchasing power.

This table presents both nominal and inflation-adjusted average annual returns for the SPDR Gold Shares over various trailing periods ending April 30, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	34.35%	39.47%
Last 3 years	27.82%	31.86%
Last 5 years	15.45%	20.66%
Last 10 years	9.43%	13.11%
Last 20 years	7.09%	9.82%

Real Returns of Investing in the SPDR Gold Shares

The chart and table below show the nominal and inflation-adjusted value of a hypothetical $100 investment over various long-term historical periods, ending in September 2025.

The inflation-adjusted line, in green, represents the real increase in purchasing power for the initial investment. Observe the gap between both lines, which illustrates the cumulative effect of inflation over time.

Even over just five years, inflation takes a noticeable bite out of investments. Investing $100 in the SPDR Gold Shares five years ago yielded an 119.68% nominal gain, but the real return (the actual increase in buying power) was 77.89%.

As investment periods get longer, the difference between reported nominal returns and the inflation-adjusted gains usually becomes much greater due to the compounding effect of inflation over time.

Investment Period	What $100 Grew To (Nominal)	Total Nominal Return (%)	Total Inflation-Adjusted Return (%)
Last 5 years Feb 2021 - Sep 2025	$219.68	119.68%	77.89%
Last 10 years Feb 2016 - Sep 2025	$299.62	199.62%	118.73%

About the SPDR Gold Shares ETF

The SPDR Gold Shares (GLD) is an exchange-traded fund managed by State Street Global Advisors that seeks to reflect the performance of the price of gold bullion. Launched in November 2004, GLD was one of the first ETFs to provide investors with exposure to gold through the equity markets.

The fund is backed by physical gold bars held in secure vaults, with each share representing a fractional ownership interest in the trust's gold holdings. GLD offers investors a liquid and cost-effective alternative to direct gold ownership, eliminating the need for storage, insurance, and other logistical concerns while providing exposure to gold price movements. The fund has become a popular choice for investors seeking portfolio diversification, inflation protection, or exposure to precious metals as an asset class.

Last Close May 20, 2026	417.4
Highest Jan 29, 2026	495.9
Highest, Inflation-Adjusted Jan 29, 2026	507.74
Annualized return Since Nov 18, 2004	10.99%
Annualized return, Inflation-Adjusted Since Nov 18, 2004	8.15%