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 March 2026 as the baseline (latest available CPI).

The current value of the SPDR Gold Shares ETF is 417.41 (as of the close of Apr 29, 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 444.02%, which is equivalent to an annual growth rate of 8.22%.

In nominal values, the total return since this date has been 840.54%, or an annualized rate of 11.02%.

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
Apr 2026	417.41	417.41
Mar 2026	430.29	430.29
Feb 2026	488.82	483.75
Jan 2026	451.74	444.95
Dec 2025	403.84	396.31
Nov 2025	395.17	387.88
Oct 2025	368.12	368.12
Sep 2025	361.39	355.47
Aug 2025	324.19	318.07
Jul 2025	309.68	302.96
Jun 2025	312.06	304.83
May 2025	311.86	303.6
Apr 2025	312.69	303.77
Mar 2025	297.52	288.14
Feb 2025	272.45	263.27
Jan 2025	268.77	258.56
Dec 2024	253.34	242.13
Nov 2024	257.05	245.59
Oct 2024	265.19	253.51
Sep 2024	254.56	243.06
Aug 2024	242.62	231.29
Jul 2024	237.84	226.55
Jun 2024	225.99	215.01
May 2024	226.37	215.3
Apr 2024	223.13	211.87
Mar 2024	217.5	205.72
Feb 2024	201.44	189.31
Jan 2024	201.77	188.45
Dec 2023	205.8	191.17
Nov 2023	202.99	188.75
Oct 2023	197.58	184.09
Sep 2023	183.94	171.45
Aug 2023	193.62	180.02
Jul 2023	196.98	182.35
Jun 2023	192.94	178.27
May 2023	197.96	182.32
Apr 2023	201.16	184.8
Mar 2023	200.45	183.22
Feb 2023	186.36	169.78
Jan 2023	198.03	179.41
Dec 2022	188.74	169.64
Nov 2022	182.8	164.81
Oct 2022	168.32	151.91
Sep 2022	172.08	154.67
Aug 2022	177.58	159.27
Jul 2022	182.9	164.1
Jun 2022	187.73	168.46
May 2022	193.34	171.14
Apr 2022	202.06	176.91
Mar 2022	207.49	180.65
Feb 2022	207.61	178.38
Jan 2022	197.42	168.09
Dec 2021	202.48	170.96
Nov 2021	196.62	165.5
Oct 2021	198.96	166.65
Sep 2021	197.69	164.22
Aug 2021	204.83	169.69
Jul 2021	205.41	169.82
Jun 2021	201.3	165.63
May 2021	218.81	178.38
Apr 2021	204.84	165.66
Mar 2021	199.42	159.96
Feb 2021	203.15	161.81
Jan 2021	217.9	172.61
Dec 2020	226.11	178.36
Nov 2020	211.49	166.67
Oct 2020	223.45	176.2
Sep 2020	224.71	177.12
Aug 2020	234.82	184.83
Jul 2020	236.32	185.43
Jun 2020	214.38	167.37
May 2020	209.81	162.91
Apr 2020	204.52	158.8
Mar 2020	189.4	148.05
Feb 2020	189.41	148.38
Jan 2020	191.15	149.33
Dec 2019	183.63	142.9
Nov 2019	176.99	137.86
Oct 2019	182.76	142.43
Sep 2019	178.6	138.87
Aug 2019	185.02	143.75
Jul 2019	171.44	133.21
Jun 2019	171.72	133.2
May 2019	159.03	123.33
Apr 2019	156.61	121.2
Mar 2019	158.49	122.01
Feb 2019	161.97	123.99
Jan 2019	163.66	124.75
Dec 2018	159.37	121.25
Nov 2018	151.38	115.54
Oct 2018	150.36	115.15
Sep 2018	147.5	112.76
Aug 2018	148.65	113.51
Jul 2018	151.99	115.99
Jun 2018	155.48	118.65
May 2018	161.57	123.1
Apr 2018	164.21	124.59
Mar 2018	166.45	125.79
Feb 2018	165.78	125
Jan 2018	170.06	127.65
Dec 2017	165.63	123.65
Nov 2017	162.12	121.1
Oct 2017	161.54	120.67
Sep 2017	162.66	121.58
Aug 2017	169.22	125.82
Jul 2017	162.89	120.75
Jun 2017	159.1	118.02
May 2017	162.75	120.62
Apr 2017	163.09	120.77
Mar 2017	160.8	118.72
Feb 2017	161.62	119.23
Jan 2017	157.13	115.55
Dec 2016	149.92	109.61
Nov 2016	152.89	111.75
Oct 2016	166.58	121.94
Sep 2016	171.84	125.64
Aug 2016	171.08	124.78
Jul 2016	177	128.98
Jun 2016	173.27	126.47
May 2016	159.53	116.06
Apr 2016	170.65	123.65
Mar 2016	163.13	117.64
Feb 2016	165.22	118.64
Jan 2016	149.07	106.95
Dec 2015	141.65	101.46
Nov 2015	141.8	101.92
Oct 2015	151.75	109.3
Sep 2015	148.3	106.86
Aug 2015	150.78	108.82
Jul 2015	145.19	104.93
Jun 2015	155.49	112.37
May 2015	158.44	114.1
Apr 2015	158.37	113.47
Mar 2015	158.95	113.66
Feb 2015	163.42	116.16
Jan 2015	174.43	123.45
Dec 2014	159.73	113.58
Nov 2014	156.76	112.11
Oct 2014	156.68	112.66
Sep 2014	161.21	116.21
Aug 2014	171.96	123.86
Jul 2014	171.02	123.39
Jun 2014	177.39	128.04
May 2014	167.16	120.43
Apr 2014	173.02	124.22
Mar 2014	172.74	123.61
Feb 2014	179.49	127.62
Jan 2014	169.53	120.09
Dec 2013	164.53	116.12
Nov 2013	171.01	120.7
Oct 2013	180.61	127.74
Sep 2013	180.77	128.18
Aug 2013	190.07	134.62
Jul 2013	180.89	127.96
Jun 2013	168.44	119.11
May 2013	189.84	133.92
Apr 2013	202.75	142.77
Mar 2013	219.1	154.45
Feb 2013	217.61	153
Jan 2013	231.15	161.2
Dec 2012	233.02	162.02
Nov 2012	238.17	166.05
Oct 2012	238.16	166.83
Sep 2012	245.28	171.89
Aug 2012	235.38	164.22
Jul 2012	225.55	156.49
Jun 2012	223.31	155.19
May 2012	217.86	151.62
Apr 2012	232.33	161.88
Mar 2012	233.37	162.12
Feb 2012	238.29	164.29
Jan 2012	246.66	169.31
Dec 2011	222.4	151.99
Nov 2011	248.33	170.13
Oct 2011	244.05	167.34
Sep 2011	230.04	158.06
Aug 2011	259.05	177.72
Jul 2011	231.36	158.29
Jun 2011	213.59	146
May 2011	218.68	149.64
Apr 2011	223.71	152.37
Mar 2011	206.67	139.86
Feb 2011	205.4	137.66
Jan 2011	194.73	129.87
Dec 2010	208.99	138.72
Nov 2010	204.37	135.42
Oct 2010	200.23	132.62
Sep 2010	193.36	127.91
Aug 2010	184.66	122.08
Jul 2010	174.93	115.49
Jun 2010	184.34	121.68
May 2010	179.93	118.88
Apr 2010	174.73	115.36
Mar 2010	165.31	108.95
Feb 2010	166.72	109.43
Jan 2010	161.47	105.96
Dec 2009	164.09	107.31
Nov 2009	176.52	115.64
Oct 2009	156.62	102.53
Sep 2009	151.14	98.85
Aug 2009	142.9	93.4
Jul 2009	143.14	93.35
Jun 2009	139.59	91.18
May 2009	148.54	96.2
Apr 2009	135.14	87.27
Mar 2009	140.15	90.28
Feb 2009	144.15	92.63
Jan 2009	142.8	91.31
Dec 2008	135.9	86.52
Nov 2008	124.84	80.31
Oct 2008	108.77	71.34
Sep 2008	128.4	85.07
Aug 2008	123.16	81.71
Jul 2008	135.23	90.08
Jun 2008	137.93	91.4
May 2008	133.3	87.45
Apr 2008	133.19	86.65
Mar 2008	139.82	90.41
Feb 2008	150.03	96.18
Jan 2008	142.99	91.4
Dec 2007	129.64	82.46
Nov 2007	121.48	77.32
Oct 2007	124.26	78.62
Sep 2007	116.43	73.51
Aug 2007	105.65	66.52
Jul 2007	104.3	65.79
Jun 2007	101.86	64.27
May 2007	104.07	65.54
Apr 2007	107.19	67.09
Mar 2007	105.71	65.74
Feb 2007	107.88	66.48
Jan 2007	105.76	64.83
Dec 2006	103.43	63.21
Nov 2006	105.52	64.39
Oct 2006	98.57	60.24
Sep 2006	96.79	59.47
Aug 2006	100.88	62.29
Jul 2006	102.49	63.16
Jun 2006	99.65	61.23
May 2006	104.74	64.23
Apr 2006	106.67	65.09
Mar 2006	96.02	58.1
Feb 2006	93.18	56.07
Jan 2006	94.42	56.7
Dec 2005	86.55	51.58
Nov 2005	82.05	49.1
Oct 2005	76.92	46.4
Sep 2005	77.57	46.7
Aug 2005	72.97	43.4
Jul 2005	72.36	42.82
Jun 2005	73.75	43.44
May 2005	70.75	41.65
Apr 2005	73.56	43.35
Mar 2005	73.15	42.82
Feb 2005	74.94	43.53
Jan 2005	73.11	42.22
Dec 2004	76	43.8
Nov 2004	78.01	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 March 31, 2026, offering a clearer view of long-term, real investment performance.

Period	Avg. Annual Return (Inflation-Adjusted)	Avg. Annual Return (Nominal)
Last 1 year	44.62%	49.33%
Last 3 years	29%	32.92%
Last 5 years	16.63%	21.88%
Last 10 years	10.19%	13.85%
Last 20 years	7.79%	10.53%

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 Apr 29, 2026	417.41
Highest Jan 29, 2026	495.9
Highest, Inflation-Adjusted Jan 29, 2026	503.46
Annualized return Since Nov 18, 2004	11.02%
Annualized return, Inflation-Adjusted Since Nov 18, 2004	8.22%