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SPDR Gold Trust accelerated its gold accumulation after several weeks of outflows, pushing holdings above 1,060 tonnes—the highest level in a month. Earlier this week, the fund sold more than 5 tonnes of gold, then reversed course and bought net over the remaining sessions, totaling 13.4 tonnes.
As a result, the trust currently holds more than 1,060 tonnes, up 8 tonnes from the end of last week. Total assets at the end of the week were $166 billion.
The accumulation coincided with cooling Middle East tensions, including Iran temporarily reopening the Hormuz Strait during a ceasefire between Israel and Lebanon. A weaker US dollar also supported the shift.
SPDR Gold Trust is the first gold ETF listed in the US and the largest by assets. Its buying and selling activity is often treated by investors as a short-term read on the direction of the global precious metals market, with trading patterns frequently reflecting geopolitical developments and interest-rate expectations.
When the Middle East conflict first broke out, SPDR repeatedly bought to build reserves toward 1,100 tonnes, lifting assets to $188 billion and nearing a record high over the fund’s 22 years of operation. Gold then functioned as a safe haven.
However, gold later faced pressure as the conflict pushed energy prices higher, contributing to inflation and leading central banks to delay rate cuts. With no yield, gold prices lagged and have fallen by about 10% since the conflict began.
As tensions eased, gold prices gradually moved higher. Early this week, gold traded around $4,670 per ounce and closed above $4,830, up about $160. On Friday, prices rose to as much as $70.
In Vietnam, SJC gold bars traded at 168.5–172 million dong per tael, up 1 million dong over the weekend. Bullion rose in a similar range to 168–171.5 million dong per tael. Converted at the Vietcombank rate, world gold is equivalent to 154 million dong per tael, implying a domestic premium of about 18 million dong, down from a peak of 30 million dong last month.
The trust’s latest net buying—after a period of outflows—signals renewed demand for physical gold exposure in the near term, aligning with the broader easing of geopolitical risk and currency support.
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