SPDR Gold Trust reported its financial results for the three months ending December 31, 2024, revealing a net loss of $604.3 million, a significant decline compared to a net income of $5.3 million during the same period in 2023. The Trust's net income per share fell to $(1.98) from $17.44 year-over-year. Total expenses for the quarter increased to $75.7 million, up from $55.7 million in the prior year, primarily driven by higher sponsor fees. The Trust's net asset value (NAV) per share decreased to $241.00 from $243.01 at the end of the previous quarter.
The Trust's total assets as of December 31, 2024, were reported at $73.2 billion, a slight decrease from $73.7 billion at the end of September 2024. The value of investments in gold held by the Trust was $73.2 billion, down from $73.7 billion, reflecting fluctuations in gold prices. The Trust's liabilities increased marginally, with accounts payable to the sponsor rising to $25.1 million from $23.6 million in the previous quarter. The number of shares outstanding increased to 303.8 million from 303.3 million.
In terms of operational metrics, the Trust created 29.6 million shares and redeemed 29.1 million shares during the quarter, resulting in a net increase of 500,000 shares. The total value of shares created was approximately $7.3 billion, while the value of shares redeemed was about $7.2 billion. The Trust's gold holdings amounted to 28.1 million ounces, with a market value of $73.2 billion based on the LBMA Gold Price PM. The Trust continues to operate without cash balances, selling gold as needed to cover expenses.
The filing indicates that the Trust's performance is closely tied to the fluctuations in gold prices, which have seen significant volatility. The average gold price for the quarter was approximately $2,610.85 per ounce. The Trust's management noted that the results for the quarter are not necessarily indicative of the full fiscal year's performance, and they continue to monitor market conditions closely. Looking ahead, the Trust remains focused on its investment objective of reflecting the performance of gold bullion prices, while managing operational expenses effectively.
About SPDR GOLD TRUST
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