SPDR Gold Trust Up 11% Year-to-Date Despite U.S.-Iran Conflict Volatility

The U.S.-Iran conflict has contributed to recent fluctuations in gold prices. Benzinga reported that this geopolitical event has slowed gold's momentum in recent weeks, though institutions view it as part of a broader intact trajectory. The conflict's impact emerged amid gold's recovery from earlier setbacks.

Wells Fargo views gold as a compelling medium-term opportunity, rather than a trade that has run its course, according to Benzinga. This stance comes as the market navigates pressures driven by the U.S.-Iran war.

Gold's performance in March 2026 was the worst since 2008, as war-driven inflation erased rate cut expectations for gold. Benzinga noted that March's pullback marked a complete contrast to gold's prior blistering run. The SPDR Gold Trust (NYSE: GLD) is up 11% year-to-date as of April 2026, reflecting a market recovery since the March downturn.

The strength in gold from 2025 carried into early 2026 before sentiment shifted due to the war. Benzinga reported that the market has recovered following the March decline. This year-to-date gain in the SPDR Gold Trust underscores ongoing investor interest amid the volatility.

In 2025, gold rallied due to central bank purchases, inflation concerns, and geopolitical tensions. Benzinga described this period as one where gold was a standout performer fueled by strong central bank buying and lingering inflation worries. These factors contributed to the yellow metal's blistering run throughout the year, before the U.S.-Iran conflict reshaped the picture in 2026.

Benzinga emphasized that elevated geopolitical tensions were a key driver in 2025, which persisted as a supportive element for gold before the war's inflationary effects took hold in March 2026.