Key points (as at Q1 2026)
- GOLD and QAU track the physical gold price; GDX holds gold mining company shares, which behave differently.
- GOLD is unhedged, so it also reflects AUD/USD movements; QAU is currency hedged.
- Physical gold ETFs pay no distributions; a gold miner fund may pay a small one.
- Gold has approximately 0% holdings overlap with broad market ETFs like VAS. General information only, not financial advice.
Last updated: Q1 2026. Figures are computed from ETFLens data as at Q1 2026, sourced from each issuer's published disclosure documents and reviewed quarterly.
Gold is one of the oldest stores of value, and Australian investors can now hold it on the ASX without storing a single bar. A gold ETF on the ASX is used for a few reasons: portfolio diversification, since gold often moves differently from shares; as a long-term inflation hedge in some investors' eyes; and for currency exposure, because an unhedged gold fund also reflects the Australian dollar against the US dollar. This guide covers the gold ETF ASX options, explains physical gold versus gold miners, and sets out the factual points to compare.
This article is general information only and not personal financial advice. ETFLens does not hold an Australian Financial Services Licence (AFSL), and it does not recommend gold or any fund.
What gold ETFs are available on the ASX?
The ASX gold menu splits into two types: funds that track the physical gold price, and funds that hold the shares of gold mining companies.
Physical gold price: GOLD and QAU
GOLD (Global X Physical Gold) tracks the gold spot price in unhedged Australian dollars, charges 0.4% p.a. and has a fund size of approximately $1.4B. Because it is unhedged, its value reflects both the gold price and the AUD/USD exchange rate. QAU (Betashares Gold Bullion) tracks the gold price on a currency-hedged basis, charging 0.59% p.a. with a fund size of approximately $1.4B; hedging aims to strip out the currency effect. Both are backed by physical gold held in a vault, not by derivatives.
Perth Mint Gold: PMGOLD
PMGOLD is Perth Mint Gold, a long-running, physically backed gold product listed on the ASX. ETFLens does not currently track PMGOLD in its dataset, so this guide does not quote its live fee or size; check the issuer's product disclosure statement for current figures.
Gold miners: GDX
GDX (VanEck Gold Miners) is different: it holds the shares of gold mining companies rather than gold itself. It charges 0.53% p.a., holds approximately 106 mining companies and has a fund size of approximately $1.4B. Its largest country weights are Canada (43.8%) and the United States (24.1%).
Physical gold vs gold miners: what is the difference?
This is the most important distinction for anyone looking at gold on the ASX.
- Physical gold funds (GOLD, QAU) move with the gold price. There is no company risk, no dividends and no earnings; the return is simply the change in the gold price, adjusted for currency and fees.
- Gold miner funds (GDX) move with the share prices of mining companies. Miners' profits are linked to the gold price but also to their own costs, debt, management and production. Historically, miner shares have been more volatile than the gold price itself, moving more than gold in both directions. Past performance is not a reliable indicator of future returns.
In short, GOLD and QAU are a play on the metal, while GDX is a play on the companies that mine it. They are related but carry different risks.
Key things to compare when looking at gold ETFs
A factual checklist, with no suggestion that any one fund suits you:
- Management fee (MER). GOLD charges 0.4% p.a., QAU 0.59% p.a. and GDX 0.53% p.a.. The fee compounds over time; you can model it on the Fee Analyser.
- Fund size (AUM). Larger funds are generally more liquid and tend to trade at tighter bid-ask spreads. All three here are over $1 billion: GOLD $1.4B, QAU $1.4B, GDX $1.4B.
- Physical vs miners. Decide whether you want exposure to the metal (GOLD, QAU) or to the companies (GDX).
- Currency hedging. GOLD is unhedged, so you take AUD/USD movement; QAU is hedged. Neither is inherently better; they behave differently when the Australian dollar moves.
- ASX liquidity. Check the spread and traded volume on your broker before placing an order.
How gold ETFs fit into a broader portfolio
Gold is unusual because it has almost nothing in common with a broad share market fund. A gold ETF and a fund like VAS (Australian shares) or VGS (global shares) hold completely different things, so their holdings overlap is approximately 0%. That lack of overlap is why some investors add a small gold position: it can move independently of their share holdings. You can confirm the overlap between any two funds, including a gold ETF and your existing holdings, with the ETFLens Overlap Checker. For the defensive side of a portfolio more broadly, see our guide to bond ETFs in Australia. Whether gold suits your situation, and in what amount, depends on your objectives and circumstances, which ETFLens cannot assess.
A note on volatility and time frame
Gold produces no earnings or income, so its price is driven by supply, demand and sentiment rather than company profits. That can mean long stretches where the price moves sideways, followed by sharp moves in either direction. Gold is generally considered a longer-term holding rather than a short-term trade, and its main appeal for many investors is how it behaves relative to shares, not a standalone return. Past performance is not a reliable indicator of future returns, and ETFLens does not forecast the gold price. How a gold position fits, if at all, depends on your objectives and circumstances, which ETFLens cannot assess.
This article is general information only and not personal financial advice. ETFLens does not hold an Australian Financial Services Licence (AFSL). Consider your own objectives, financial situation and needs, or speak with a licensed financial adviser before making investment decisions. Past performance is not a reliable indicator of future returns.