GLD Joins $100 Billion Club as Gold Soars on Tariff Fears

The SPDR Gold Shares ETF (GLD) achieved a historic milestone by surpassing $100 billion in assets under management (AUM), propelled by gold prices reaching record highs amid escalating market volatility.  

This surge, most recently peaking April 22, reflects investor concerns over the Trump administration's aggressive tariff policies, a weakening U.S. dollar and persistent inflation coupled with an increasing probability of recession—factors contributing to fears of stagflation.

In this climate, gold has reasserted its role as a safe haven, attracting significant capital inflows.

GLD Inflows Reflect Investor Anxiety

Data from FactSet, etf.com flows tool for GLD, as of May 1, 2025.

While this gold run isn’t yet the biggest in history, as measured by price increase, its duration is by far the longest at 61 months, underscoring the degree of investor anxiety in today’s market environment.

In the first quarter of 2025, GLD's inflows notched the largest quarterly gain in three years, and its year-to-date haul through April is $7.1 billion. February and March were particularly notable, as investors sought refuge from the economic uncertainty spurred by new tariffs and geopolitical tensions.  

However, inflows moderated in April, suggesting that while demand for gold remains strong, some investors are exercising caution amid fluctuating market conditions.

Tip: Dig deeper and see our GLD vs. GLDM vs. IAU ETF comparison.

Joining the Elite $100 Billion ETF Club

By surpassing $100 billion in AUM, GLD has joined an exclusive group of ETFs, becoming one of only a dozen funds to reach this threshold. This achievement underscores gold's enduring appeal as a store of value and highlights GLD's prominence among over 4,000 exchange-traded funds available today. 

The fund's growth reflects a broader trend of investors seeking stability in precious metals during times of economic uncertainty.

Outlook for Gold in 2025

Looking ahead, analysts anticipate that gold may continue to perform well, albeit the loftiest forecasts are for the precious metal’s price to reach $3,720 in 2025, with average forecasts suggesting an average price of $3,065 per ounce this year.  

Factors supporting the higher price levels for gold's outlook include ongoing geopolitical tensions, central bank purchases and concerns over inflation and economic growth. However, some caution that gold's rapid ascent may lead to price volatility and downside potential, especially if the trade war de-escalates. Thus, investors should remain vigilant. 

As always, diversification and a balanced approach to portfolio management are recommended.