Monthly report (NO17 Gold) – July 2026

Monthly fund update

Key points

• NO17 Gold finished July down 2.3% (in Australian dollars, hedged to the Australian dollar), in line with its benchmark. The gold price consolidated sideways, ending the month little changed.
• We remain firmly of the view that the structural bull-case for gold is intact and that gold is in the relatively early stages of a longer-term uptrend.
• Gold’s fundamentals remain strong, the price is consolidating and there is evidence that its recent uncharacteristic behaviour is normalising (including gold bullion’s correlation to the S&P 500, which peaked at over 0.8 during May, relative to its 20-year average of approximately 0.06 and gold’s volatility which spiked to over 3 times its long-term average level).
• It is also worth noting that despite the draw-down during the first half of 2026, which has taken the gold price is back to where it was in late September 2025, gold has still outperformed global equities over the last 12 months.

Please note that the detailed positioning disclosures included on the second page of our report have been redacted and are only available to unit holders in the fund.