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It may be of little comfort to jilted investors, but gold's 2026 slump — one that has the SPDR Gold Trust (GLD) down 5.3% year-to-date — is easily explained. The yellow metal's 2026 tale of woe is largely an interest rate story.

Experienced gold investors know that much of the yellow metal's near-term fortunes lie in the hands of the Federal Reserve. As has been widely discussed this year, gold doesn't pay dividends or interest.
SEC filings for UGLD aren't indexed yet (common for recently launched funds). Browse the issuer's filings on SEC EDGAR directly.