There are 14 gold ETFs on the ASX and TMX, with about $14.6bn invested. The largest is GOLD ($5.8bn) and the lowest fee is 0.15% a year (PMGOLD, GXLD).
Gold ETFs on the ASX
Every gold and precious metals ETF in Australia, sorted by size.
Bullion, miners or hedged: what’s the difference?
Tracks the gold price. The fund holds real gold bars, so you get the metal’s return less the fee. Most are unhedged, so a falling Australian dollar adds to your return.
QAU and GHLD remove the currency effect, so you get the US dollar gold price. Useful if you expect the Australian dollar to rise.
GDX and MNRS own the companies that dig gold up. Miners tend to amplify gold’s moves: over three years they returned about double bullion, but they fall harder too.
A few of these (GOLD, PMGOLD and the ETPM funds) are technically listed structured products rather than ETFs, but you buy and sell them on the ASX the same way.
How to use gold ETFs
Gold doesn’t pay income, but it often behaves differently from shares, and a typical diversified share ETF holds no gold at all. If you want it, you have to add it yourself.
Gold is a good example of a satellite holding: a smaller position added around a diversified core for something the core is missing. It moves in long trends, up and down, sometimes for years. So when you buy matters as much as which fund. The approach is to wait for gold to build a base and break out into an uptrend, and to have a plan to step aside when the trend ends.
Read more: Core and satellite investing · When to buy an ETF
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Frequently asked questions
How many gold ETFs are there in Australia?
At 30 September 2026 there were 14 gold ETFs listed on the ASX and TMX, with about $14.6bn invested.
What is the largest gold ETF?
GOLD (Global X Physical GOLD) is the largest, with about $5.8bn invested at 30 September 2026.
Which gold ETF has the lowest fee?
PMGOLD, GXLD have the lowest management fee at 0.15% a year. Fees are only one factor: also compare what each fund holds, its size and how closely it tracks its index.
Are gold ETFs backed by real gold?
Physical gold ETFs such as GOLD, PMGOLD, GXLD, GLDN, NUGG, QAU and GHLD hold gold bullion in a vault. Gold miner ETFs such as GDX and MNRS hold shares in mining companies, not gold.
Should I choose a hedged or unhedged gold ETF?
Unhedged gold ETFs give you the gold price in Australian dollars, so they gain when the Australian dollar falls. Hedged funds like QAU and GHLD remove that currency effect. Neither is better; it depends on your view of the Australian dollar and what else you hold.
More ETF lists
Data: TMX Australia Funds Report, month ending 30 September 2026. Fee = management cost (% a year). Size = funds under management. Returns are total returns; “–” = less than the full period of history. Tags: Hedged = currency hedged; Active = actively managed; Complex = complex product (read the PDS carefully); TMX = listed on TMX Australia rather than the ASX; New = listed in the past 12 months. General information only, not a recommendation to buy or sell any ETF. Consider your objectives, financial situation and needs, and read the PDS and TMD before investing. Past performance is not a reliable indicator of future performance.