Gold's Historic Bull Run: GLD Delivers 159% Return Over Five Years

Gold has experienced one of its most aggressive bull markets in history, with prices surging from approximately $2,000 per ounce in early 2024 to a peak exceeding $5,600. This rally has significantly benefited holders of the SPDR Gold Shares ETF (GLD), which has served as a primary vehicle for investors seeking exposure to the precious metal. Financial data reveals that five years ago, GLD was trading at $166.84 per share. As of April 24, 2026, the ETF closed at $433.25. This price action represents a total return of 159.7% over the five-year period, translating to an average annual return of 21%. The upward trajectory is largely attributed to an environment of elevated inflation that has persisted since the pandemic-era recession. Additionally, strategic stockpiling by central banks, specifically the People's Bank of China, has provided a significant tailwind as these institutions seek to diversify away from currency risk and protect their positions in the global trade market. Looking forward, the bullish thesis for gold appears intact. With U.S. inflation remaining above 3% and central banks continuing to add to their positions, the fundamental drivers of the rally remain in place. Furthermore, a potential slowdown in the global economy could increase demand for gold as a traditional safe-haven asset, providing a further catalyst for growth.