---
type: structural-review
status: prepopulated
event-id: gld-nav-20260623T1600-1782244800
asset: GLD (SPDR Gold Shares)
session: 2026-06-23
generated: 2026-06-23T23:00:00+02:00
source: yfinance daily closes
---

# GLD NAV Review — Tue Jun 23, 2026

## Headline
GLD closed at $377.32 (-1.89% vs Mon Jun 22 close $384.59). Broad metals and risk sell-off on rising yields.

## Price action
| Field | Value |
| --- | --- |
| GLD close | $377.32 |
| Prior close (Mon Jun 22) | $384.59 |
| Day-over-day | -$7.27 (-1.890%) |
| 5d trend (since Thu Jun 18) | -$9.80 (-2.533%) |

## Cross-asset
| Instrument | Close | Day Δ |
| --- | ---: | ---: |
| Spot gold (GC=F) | $4,128.30 | -1.28% |
| GLD | $377.32 | -1.89% |
| IAU | $77.33 | -1.87% |
| SLV (silver) | $55.73 | -5.40% |
| SI=F (spot silver) | $61.55 | -6.07% |
| HG=F (copper) | $6.13 | -3.61% |
| SPY | $733.58 | -1.45% |
| 10Y yield (^TNX) | 4.493% | +4.2 bps |
| TLT | $86.20 | +0.13% |

Silver underperformed gold by ~350bps and copper sold off hard — this is a precious-metals tape but with industrial-metals drag, not pure safe-haven unwind. SPY -1.45% confirms broad risk-off. GLD lagged spot by ~60bps (premium compression / ETF outflow on the day).

## Rates backdrop
10Y yield +4.2 bps to 4.493%, holding the 4.45–4.50% corridor that's been capping gold for two weeks. Real yields remain the dominant headwind.

## Implications
- Largest single-day gold ETF drop in this window; positioning shift, not just price action
- Silver/copper breadth confirms it's a "metals beta" sell, not a gold-specific news event
- No flow data published — NAV is mechanical mark, but the gap between spot (-1.28%) and GLD (-1.89%) is consistent with light ETF outflows on the day
- Watch: if 10Y breaks 4.50%, GLD likely retests the $370 area; if yields fade back below 4.45%, the premium compression in GLD vs spot tends to reverse within 1–2 sessions