SBI Gold Fund Direct Growth NAV Falls to ₹46.3660 on 21 September; One-Year Return at 37.40%

Key Takeaways

• SBI Gold Fund Direct Growth NAV declined 0.76% to ₹46.3660 on 21 September 2026. 
• The latest one-year return stood at 37.40%, with fund assets of approximately ₹17,647 crore and a base expense ratio of 0.20%. 
• SBI Gold ETF represented 100.13% of the latest disclosed portfolio, with the above-100% weight reflecting portfolio accounting alongside net current assets or liabilities. 

SBI Gold Fund Direct Growth recorded an NAV of ₹46.3660 on 21 September 2026, falling 0.76% from the preceding valuation. The latest one-year return stood at 37.40%. Fund assets were approximately ₹17,647 crore, and the Direct Plan's base expense ratio was 0.20%. 

The scheme differs structurally from an equity fund because its principal exposure is obtained through an underlying gold ETF. Its investment framework seeks returns corresponding closely with SBI Gold ETF, subject to expenses and tracking differences. The minimum lump-sum investment was ₹5,000 and the minimum SIP amount was ₹500. The disclosed exit load was 1% for the specified initial 15-day period. 

SBI Gold ETF represented 100.13% of the latest disclosed portfolio snapshot. A weight above 100% should not be interpreted as the scheme holding more than its entire net assets in physical gold. Fund-of-fund portfolios can show an underlying security above 100% when net current asset or liability adjustments offset part of the gross investment exposure in portfolio accounting. 

The latest available five-year annualised return was 25.63%. That figure and the 37.40% one-year return cover very different measurement periods, with a gap of 11.77 percentage points between the two annualised observations. Historical gold-linked returns can vary substantially with changes in domestic gold prices, currency movements and the measurement dates used. 

Because the portfolio is predominantly gold-ETF based, equity-sector concentration measures are not appropriate for analysing this scheme. NAV, the underlying ETF weight, expenses and the gold-linked return record provide the more relevant numerical context for the 21 September valuation. 

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.