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 June 2026 as the baseline (latest available CPI).

The current value of the SPDR Gold Shares ETF is 369.37 (as of the close of Jul 28, 2026), 25.52% 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 376.02%, which is equivalent to an annual growth rate of 7.46%.

In nominal values, the total return since this date has been 732.29%, or an annualized rate of 10.26%.

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
Jul 2026	369.37	369.37
Jun 2026	368.38	368.38
May 2026	415.66	417.12
Apr 2026	424.85	423.66
Mar 2026	435.16	430.29
Feb 2026	494.36	483.75
Jan 2026	456.85	444.95
Dec 2025	408.42	396.31
Nov 2025	399.64	387.88
Oct 2025	368.12	368.12
Sep 2025	365.49	355.47
Aug 2025	327.86	318.07
Jul 2025	313.19	302.96
Jun 2025	315.59	304.83
May 2025	315.39	303.6
Apr 2025	316.23	303.77
Mar 2025	300.89	288.14
Feb 2025	275.54	263.27
Jan 2025	271.81	258.56
Dec 2024	256.21	242.13
Nov 2024	259.96	245.59
Oct 2024	268.2	253.51
Sep 2024	257.44	243.06
Aug 2024	245.36	231.29
Jul 2024	240.53	226.55
Jun 2024	228.54	215.01
May 2024	228.93	215.3
Apr 2024	225.66	211.87
Mar 2024	219.96	205.72
Feb 2024	203.72	189.31
Jan 2024	204.05	188.45
Dec 2023	208.13	191.17
Nov 2023	205.29	188.75
Oct 2023	199.81	184.09
Sep 2023	186.02	171.45
Aug 2023	195.81	180.02
Jul 2023	199.21	182.35
Jun 2023	195.12	178.27
May 2023	200.2	182.32
Apr 2023	203.43	184.8
Mar 2023	202.72	183.22
Feb 2023	188.47	169.78
Jan 2023	200.27	179.41
Dec 2022	190.88	169.64
Nov 2022	184.87	164.81
Oct 2022	170.23	151.91
Sep 2022	174.03	154.67
Aug 2022	179.59	159.27
Jul 2022	184.97	164.1
Jun 2022	189.86	168.46
May 2022	195.53	171.14
Apr 2022	204.35	176.91
Mar 2022	209.84	180.65
Feb 2022	209.96	178.38
Jan 2022	199.66	168.09
Dec 2021	204.78	170.96
Nov 2021	198.85	165.5
Oct 2021	201.21	166.65
Sep 2021	199.93	164.22
Aug 2021	207.15	169.69
Jul 2021	207.73	169.82
Jun 2021	203.58	165.63
May 2021	221.29	178.38
Apr 2021	207.16	165.66
Mar 2021	201.67	159.96
Feb 2021	205.45	161.81
Jan 2021	220.36	172.61
Dec 2020	228.67	178.36
Nov 2020	213.89	166.67
Oct 2020	225.98	176.2
Sep 2020	227.25	177.12
Aug 2020	237.48	184.83
Jul 2020	239	185.43
Jun 2020	216.81	167.37
May 2020	212.19	162.91
Apr 2020	206.84	158.8
Mar 2020	191.55	148.05
Feb 2020	191.56	148.38
Jan 2020	193.31	149.33
Dec 2019	185.71	142.9
Nov 2019	178.99	137.86
Oct 2019	184.83	142.43
Sep 2019	180.62	138.87
Aug 2019	187.11	143.75
Jul 2019	173.39	133.21
Jun 2019	173.66	133.2
May 2019	160.83	123.33
Apr 2019	158.39	121.2
Mar 2019	160.29	122.01
Feb 2019	163.81	123.99
Jan 2019	165.51	124.75
Dec 2018	161.17	121.25
Nov 2018	153.09	115.54
Oct 2018	152.06	115.15
Sep 2018	149.17	112.76
Aug 2018	150.34	113.51
Jul 2018	153.71	115.99
Jun 2018	157.24	118.65
May 2018	163.4	123.1
Apr 2018	166.07	124.59
Mar 2018	168.33	125.79
Feb 2018	167.65	125
Jan 2018	171.98	127.65
Dec 2017	167.5	123.65
Nov 2017	163.95	121.1
Oct 2017	163.37	120.67
Sep 2017	164.5	121.58
Aug 2017	171.14	125.82
Jul 2017	164.73	120.75
Jun 2017	160.9	118.02
May 2017	164.59	120.62
Apr 2017	164.94	120.77
Mar 2017	162.62	118.72
Feb 2017	163.45	119.23
Jan 2017	158.9	115.55
Dec 2016	151.61	109.61
Nov 2016	154.62	111.75
Oct 2016	168.46	121.94
Sep 2016	173.79	125.64
Aug 2016	173.02	124.78
Jul 2016	179	128.98
Jun 2016	175.24	126.47
May 2016	161.34	116.06
Apr 2016	172.59	123.65
Mar 2016	164.98	117.64
Feb 2016	167.1	118.64
Jan 2016	150.75	106.95
Dec 2015	143.25	101.46
Nov 2015	143.41	101.92
Oct 2015	153.47	109.3
Sep 2015	149.98	106.86
Aug 2015	152.49	108.82
Jul 2015	146.83	104.93
Jun 2015	157.25	112.37
May 2015	160.23	114.1
Apr 2015	160.16	113.47
Mar 2015	160.75	113.66
Feb 2015	165.27	116.16
Jan 2015	176.4	123.45
Dec 2014	161.53	113.58
Nov 2014	158.54	112.11
Oct 2014	158.46	112.66
Sep 2014	163.04	116.21
Aug 2014	173.9	123.86
Jul 2014	172.95	123.39
Jun 2014	179.4	128.04
May 2014	169.05	120.43
Apr 2014	174.98	124.22
Mar 2014	174.7	123.61
Feb 2014	181.53	127.62
Jan 2014	171.45	120.09
Dec 2013	166.4	116.12
Nov 2013	172.94	120.7
Oct 2013	182.66	127.74
Sep 2013	182.82	128.18
Aug 2013	192.22	134.62
Jul 2013	182.93	127.96
Jun 2013	170.35	119.11
May 2013	191.99	133.92
Apr 2013	205.04	142.77
Mar 2013	221.58	154.45
Feb 2013	220.08	153
Jan 2013	233.77	161.2
Dec 2012	235.66	162.02
Nov 2012	240.87	166.05
Oct 2012	240.85	166.83
Sep 2012	248.06	171.89
Aug 2012	238.05	164.22
Jul 2012	228.11	156.49
Jun 2012	225.84	155.19
May 2012	220.32	151.62
Apr 2012	234.96	161.88
Mar 2012	236.02	162.12
Feb 2012	240.99	164.29
Jan 2012	249.45	169.31
Dec 2011	224.92	151.99
Nov 2011	251.14	170.13
Oct 2011	246.81	167.34
Sep 2011	232.64	158.06
Aug 2011	261.98	177.72
Jul 2011	233.98	158.29
Jun 2011	216	146
May 2011	221.15	149.64
Apr 2011	226.25	152.37
Mar 2011	209.01	139.86
Feb 2011	207.73	137.66
Jan 2011	196.94	129.87
Dec 2010	211.36	138.72
Nov 2010	206.69	135.42
Oct 2010	202.5	132.62
Sep 2010	195.55	127.91
Aug 2010	186.75	122.08
Jul 2010	176.91	115.49
Jun 2010	186.43	121.68
May 2010	181.96	118.88
Apr 2010	176.71	115.36
Mar 2010	167.18	108.95
Feb 2010	168.61	109.43
Jan 2010	163.3	105.96
Dec 2009	165.95	107.31
Nov 2009	178.52	115.64
Oct 2009	158.39	102.53
Sep 2009	152.85	98.85
Aug 2009	144.51	93.4
Jul 2009	144.76	93.35
Jun 2009	141.17	91.18
May 2009	150.22	96.2
Apr 2009	136.67	87.27
Mar 2009	141.74	90.28
Feb 2009	145.78	92.63
Jan 2009	144.42	91.31
Dec 2008	137.44	86.52
Nov 2008	126.25	80.31
Oct 2008	110.01	71.34
Sep 2008	129.85	85.07
Aug 2008	124.55	81.71
Jul 2008	136.76	90.08
Jun 2008	139.49	91.4
May 2008	134.81	87.45
Apr 2008	134.7	86.65
Mar 2008	141.4	90.41
Feb 2008	151.73	96.18
Jan 2008	144.6	91.4
Dec 2007	131.11	82.46
Nov 2007	122.85	77.32
Oct 2007	125.66	78.62
Sep 2007	117.75	73.51
Aug 2007	106.84	66.52
Jul 2007	105.48	65.79
Jun 2007	103.01	64.27
May 2007	105.25	65.54
Apr 2007	108.4	67.09
Mar 2007	106.91	65.74
Feb 2007	109.1	66.48
Jan 2007	106.96	64.83
Dec 2006	104.6	63.21
Nov 2006	106.72	64.39
Oct 2006	99.69	60.24
Sep 2006	97.88	59.47
Aug 2006	102.02	62.29
Jul 2006	103.65	63.16
Jun 2006	100.78	61.23
May 2006	105.92	64.23
Apr 2006	107.88	65.09
Mar 2006	97.11	58.1
Feb 2006	94.24	56.07
Jan 2006	95.49	56.7
Dec 2005	87.53	51.58
Nov 2005	82.98	49.1
Oct 2005	77.79	46.4
Sep 2005	78.45	46.7
Aug 2005	73.8	43.4
Jul 2005	73.18	42.82
Jun 2005	74.59	43.44
May 2005	71.55	41.65
Apr 2005	74.39	43.35
Mar 2005	73.98	42.82
Feb 2005	75.79	43.53
Jan 2005	73.94	42.22
Dec 2004	76.86	43.8
Nov 2004	78.89	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 June 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	16.73%	20.85%
Last 3 years	23.59%	27.37%
Last 5 years	12.59%	17.34%
Last 10 years	7.71%	11.28%
Last 20 years	6.7%	9.39%

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 Jul 28, 2026	369.37
Highest Jan 29, 2026	495.9
Highest, Inflation-Adjusted Jan 29, 2026	509.16
Annualized return Since Nov 18, 2004	10.26%
Annualized return, Inflation-Adjusted Since Nov 18, 2004	7.46%