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Quarterly Fund Commentary State Street Gold Fund

In Q3 2025, the State Street Gold Fund returned 15.36%, outperforming its benchmark by 0.30%¹. Gold prices hit record highs in both US$ and AUD, driven by Fed rate cuts, record inflows into gold ETFs, and ongoing U.S. fiscal uncertainty. During the quarter, gold price in USD approached US$4,000/oz, while gold price in AUD climbed near A$5,900/oz. Since inception in July 2024, the State Street Gold Fund has delivered a net return of 49.97%, outperforming its benchmark by 0.73%².

15 October 2025

Robin Tsui, CPA, CAIA, CA

APAC Gold Strategist

Gold price in USD surged 16.8% in Q3 2025, ending the quarter at US$3,859/oz. The rally extended into early October, with gold breaking above US$4,000/oz for the first time ever. Momentum was driven by resilient inflows into gold ETFs, escalating trade tensions, and growing expectations of further rate cuts. Bullish sentiment carried into early October, reinforcing gold’s outperformance and its appeal as a safe haven amid persistent macroeconomic uncertainty.

Global gold ETF flows surged to US$26 billion in Q3, with US$17 billion added in September alone—the largest monthly inflow on record. North America led with US$16.1 billion, followed by Europe (US$8.2 billion) and Asia (US$1.7 billion). The surge was driven by trade and policy risks, the U.S. government shutdown, and falling real interest rates, prompting investors to seek gold as a safe haven. As U.S. equities continue to hit record highs, investors may be anticipating a market correction—potentially boosting demand for gold, which has historically exhibited low correlation with equities.

In Q3, the Reserve Bank of Australia (RBA) implemented a rate cut, lowering its cash rate from 3.85% to 3.60% amid signs of economic softness and subdued inflation. This dovish shift supported gold demand, as lower interest rates reduced the opportunity cost of holding non-yielding assets like gold. The move coincided with broader global monetary easing, reinforcing gold’s appeal as a hedge against market uncertainty.

In September, the National Bank of Poland (NBP) announced a new target to raise gold’s share of its international reserves from 20% to 30%. Having reached the previous target earlier this year through strong buying and price appreciation, the NBP paused accumulation but signaled it will resume purchases, noting that the pace will depend on market conditions. Despite the pause, NBP remains the top buyer year-to-date, adding 67 tonnes and bringing total holdings to 515 tonnes, or 22% of its reserves.

The outlook for gold remains bright, supported by robust near-term investment demand. Rising global uncertainty, increased strategic positioning by institutional investors, political instability in the U.S., and the Federal Reserve’s dovish pivot are all reinforcing gold’s appeal. Moreover, the ongoing trend of de-dollarization continues to support diversification efforts away from the U.S. dollar, particularly among central banks and asset owners.

Footnotes

Disclosure

Issued by State Street Global Advisors, Australia Services Limited (AFSL Number 74900, ABN 16 108 671 441) (“SSGA, ASL”). Registered office: Level 14, 420 George Street, Sydney, NSW 2000, Australia. T: 612 9240 7600. State Street Global Advisors, Australia, Limited (AFSL Number 238276, ABN 42 003 914 225) (“SSGA Australia”) is the Investment Manager.

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 general information has been prepared without taking 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 at www.ssga.com, before deciding whether to acquire or continue to hold units in the Funds. The Target Market Determination is also available at ssga.com., before deciding whether to acquire or continue to hold units in the Fund. The Target Market Determination is also available at ssga.com.

Investing involves risk including the risk of loss of principal. 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 GLOBAL ADVISORS 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.

Assets may be considered "safe havens" based on investor perception that an asset's value will hold steady or climb even as the value of other investments drops during times of economic stress. Perceived safe-haven assets are not guaranteed to maintain value at any time.

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.

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 SSGA Australia’s express written consent.

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