SPDR Gold Shares (NYSEARCA:GLD) Sets New 1-Year Low – Here’s What Happened

SPDR Gold Shares (NYSEARCA:GLD)’s share price reached a new 52-week low during mid-day trading on Thursday. The stock traded as low as $353.02 and last traded at $353.9790, with a volume of 3,271,560 shares. The stock had previously closed at $365.17.

Key SPDR Gold Shares News

Here’s some of the latest news about GLD:

• Positive Sentiment: Longer term, continued central-bank gold buying could help support bullion prices, while Standard Chartered has maintained an optimistic year-end outlook. China buys gold as central bank demand remains a key pillar Standard Chartered’s gold outlook
• Negative Sentiment: Hot October CPI and rising real yields have increased rate-hike concerns, pressuring gold; analysts warn prices could test lower support levels. Because GLD tracks gold bullion, continued weakness in the metal is a direct headwind for the fund. Gold faces pressure as real yields climb
• Negative Sentiment: Gold continued to slide amid weak U.S. housing and labor-market data, suggesting rate and inflation concerns are currently outweighing safe-haven support. Spot gold slides after existing-home sales fall

SPDR Gold Shares Price Performance

The business’s 50-day moving average price is $382.96 and its two-hundred day moving average price is $410.33. The firm has a market cap of $125.05 billion, a price-to-earnings ratio of -32.43 and a beta of 0.20.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Parvin Asset Management LLC acquired a new stake in shares of SPDR Gold Shares during the first quarter worth $31,000. Livelsberger Financial Advisory acquired a new position in SPDR Gold Shares in the third quarter valued at $30,000. NBH Bank acquired a new position in SPDR Gold Shares in the second quarter valued at $41,000. IMG Wealth Management Inc. lifted its position in SPDR Gold Shares by 440.9% during the third quarter. IMG Wealth Management Inc. now owns 119 shares of the exchange traded fund’s stock worth $45,000 after buying an additional 97 shares during the period. Finally, RHL Group LLC lifted its position in SPDR Gold Shares by 48.9% during the second quarter. RHL Group LLC now owns 131 shares of the exchange traded fund’s stock worth $48,000 after buying an additional 43 shares during the period. 42.19% of the stock is currently owned by institutional investors and hedge funds.

SPDR Gold Shares Company Profile

SPDR Gold Trust (the Trust) is an investment trust. The investment objective of the Trust is for the Shares to reflect the performance of the price of gold bullion, less the Trust’s expenses. The Trust’s business activity is the investment of gold. The Trust creates and redeems Shares from time to time, but in one or more Baskets (a Basket equals a block of 100,000 Shares). The Trust issues Shares in Baskets to certain authorized participants (Authorized Participants) on an ongoing basis. The creation and redemption of Baskets is only made in exchange for the delivery to the Trust or the distribution by the Trust of the amount of gold and any cash represented by the Baskets being created or redeemed, the amount of which will be based on the combined net asset value of various Shares included in the Baskets being created or redeemed determined on the day the order to create or redeem Baskets is properly received.