the years ended December 31, 2022 and 2021 are set out be Year Ended December 31, 2022 Year Ended December 31, 2021 (Amounts in 000’s of US$, except for ounces data) Ounces of gold Opening balance 1,324,350.2 1,405,430.5 Creations 204,255.2 69,166.7 Redemptions ( 187,874.4 ) ( 147,946.2 ) Transfers of gold to pay expenses ( 2,347.9 ) ( 2,300.8 ) Closing balance 1,338,383.1 1,324,350.2 Investment in gold Opening balance $ 2,391,578 $ 2,652,891 Creations 382,148 128,307 Redemptions ( 328,867 ) ( 258,605 ) Realized gain on gold distributed for the redemption of Shares 33,258 32,491 Transfers of gold to pay expenses ( 4,233 ) ( 4,155 ) Realized gain on gold transferred to pay expenses 556 635 Change in unrealized (loss) on investment in gold ( 46,948 ) ( 159,986 ) Closing balance $ 2,427,492 $ 2,391,578 F- 11 abrdn Gold ETF Trust Notes to the Financial Statements 2.7. Expenses / Realized Gains