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State Street Gold Fund Commentary Q2 2026 Update

In Q2 2026, the State Street Gold Fund delivered a net return of -15.3%, as gold declined 14% in both AUD and USD terms. Stronger oil prices, rising inflation, and elevated Middle East tensions reinforced higher-for-longer rate expectations, weighing on gold. Near term, a firmer USD and higher US real yields may cap gains, although lower prices could present a diversification opportunity for long-term investors.

14 July 2026

Robin Tsui, CPA, CAIA, CA

APAC Gold Strategist

After closing at a record high of US$5,417/oz (A$7,694/oz) on 28 January, gold corrected to US$4,008/oz (A$5,791/oz) by end-Q2. The pullback reflected a combination of tactical profit-taking, rising US 10-year real yields (+22bps), and a stronger USD (+1.2%), which lifted the opportunity cost of holding gold. Markets have shifted toward a higher-for-longer policy stance amid persistent, energy-led inflation. While expectations for H2 2026 remain divided, rates are broadly expected to hold in the 3.50%–3.75% range, with some risk of an additional 25bp hike.

Global gold ETFs recorded net outflows of US$4.6 billion in Q2, with regional flows diverging notably. North America saw US$5.6 billion in outflows, while Europe attracted US$2.9 billion in inflows, supported by energy and inflation concerns, weaker local equities, and broader macro risk repricing. Despite Q2 outflows, year-to-date global gold ETF inflows remain positive at US$7.7 billion, led by Asia and Europe, suggesting long-term investors continue to use pullbacks as entry points.

The RBA maintained its cash rate at 4.35%, keeping policy in restrictive territory as inflation continues to run above the 2–3% target range. Although economic growth has begun to moderate and unemployment has edged higher, underlying inflationary pressures remain persistent. This environment presents a mixed backdrop for gold: higher interest rates and a relatively firm AUD can act as headwinds, but ongoing inflation and elevated global uncertainty continue to support gold’s role as a defensive asset.

Looking ahead, gold may consolidate in the near term as markets digest ongoing macroeconomic and policy uncertainty. Any volatility driven by interest rate expectations or Middle East tensions is likely to be temporary. The longer-term outlook remains constructive, supported by demand for monetary hedges, elevated stock-bond correlations, resilient central bank buying, supportive APAC policy developments, and gold’s still-low level of global ownership.

Disclosure

Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 274900, ABN 16 108 671 441) ("SSGA, ASL"). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia · Telephone: 612 9240-7600 · Web: www.statestreet.com/im.

State Street Investment Management is the business name for State Street Global Advisors, Australia, Limited (AFSL 238276, ABN 42 003 914 225) (“State Street IM”), the parent entity of SSGA, ASL. SSGA, ASL is the Responsible Entity and the issuer for the State Street Managed Funds, which are unlisted, and the State Street ETFs which are quoted on the AQUA market of the ASX or listed on the ASX.

References to the State Street Gold Fund ("the Fund") in this communication are references to the managed investment scheme domiciled in Australia, promoted by SSGA Australia, in respect of which SSGA, ASL is the Responsible Entity. This material is general information only and does not take into account your individual objectives, financial situation or needs and you should consider whether it is appropriate for you. You should seek professional advice and consider the Product Disclosure Statement, available atwww.statestreet.com/im, before deciding whether to acquire or continue to hold the Funds. Target Market Determinations are also available at www.statestreet.com/im. This material should not be considered a solicitation to buy or sell a financial product or security.

Diversification does not ensure a profit or guarantee against loss. Investing in commodities entail significant risk and is not appropriate for all investors. There are risks associated with investing in Real Assets and the Real Assets sector, including real estate, precious metals and natural resources. Investments can be significantly affected by events relating to these industries.

THE LBMA GOLD PRICE, WHICH IS ADMINISTERED AND PUBLISHED BY ICE BENCHMARK ADMINISTRATION LIMITED (IBA), SERVES AS, OR AS PART OF, AN INPUT OR UNDERLYING REFERENCE FOR THE STATE STREET GOLD FUND.

LBMA GOLD PRICE IS A TRADE MARK OF PRECIOUS METALS PRICES LIMITED, AND IS LICENSED TO IBA AS THE ADMINISTRATOR OF THE LBMA GOLD PRICE. ICE BENCHMARK ADMINSTRATION IS A TRADE MARK OF IBA AND/OR ITS AFFILIATES. THE LBMA GOLD PRICE PM, AND THE TRADE MARKS LBMA GOLD PRICE AND ICE BENCHMARK ADMINISTRATION, ARE USED BY STATE STREET IM WITH PERMISSION UNDER LICENCE BY IBA.

IBA AND ITS AFFILIATES MAKE NO CLAIM, PREDICATION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM ANY USE OF THE LBMA GOLD PRICE, OR THE APPROPRIATENESS OR SUITABILITY OF THE LBMA GOLD PRICE FOR ANY PARTICULAR PURPOSE TO WHICH IT MIGHT BE PUT, INCLUDING WITH RESPECT TO THE STATE STREET GOLD FUND. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ALL IMPLIED TERMS, CONDITIONS AND WARRANTIES, INCLUDING, WITHOUT LIMITATION, AS TO QUALITY, MERCHANTABILITY, FITNESS FOR PURPOSE, TITLE OR NON-INFRINGEMENT, IN RELATION TO THE LBMA GOLD PRICE, ARE HEREBY EXCLUDED AND NONE OF IBA OR ANY OF ITS AFFILIATES WILL BE LIABLE IN CONTRACT OR TORT (INCLUDING NEGLIGENCE), FOR BREACH OF STATUTORY DUTY OR NUISANCE, FOR MISREPRESENTATION, OR UNDER ANTITRUST LAWS OR OTHERWISE, IN RESPECT OF ANY INACCURACIES, ERRORS, OMISSIONS, DELAYS, FAILURES, CESSATIONS OR CHANGES (MATERIAL OR OTHERWISE) IN THE LBMA GOLD PRICE, OR FOR ANY DAMAGE, EXPENSE OR OTHER LOSS (WHETHER DIRECT OR INDIRECT) YOU MAY SUFFER ARISING OUT OF OR IN CONNECTION WITH THE LBMA GOLD PRICE OR ANY RELIANCE YOU MAY PLACE UPON IT.

This material should not be considered a solicitation to apply for interests in the Fund and investors should obtain independent financial and other professional advice before making investment decisions. There is no representation or warranty as to the current or accuracy of, nor liability for, decisions based on such information.

There is no representation or warranty as to the currency or accuracy of, nor liability for, decisions based on such information.

The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street IM’s express written consent.

7826536.6.1.ANZ.INST | Exp. Date: 31/07/2027

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