Gabelli Gold Fund, Inc.

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Average Annual Returns through September 30, 2018 (a) (Unaudited)																Since Inception (7/11/94)

	Quarter			1 Year			5 Year			10 Year			15 Year
Class AAA (GOLDX)		(15.35	)%		(22.09	)%		(2.64	)%		(2.65	)%		2.23	%		3.22	%
XAU Index		(19.96	)		(22.39	)		(5.97	)		(4.77	)		(0.21	)		(0.48	)(b)
NYSE Arca Gold Miners Index (GDM)		(16.63	)		(18.18	)		(4.52	)		(4.04	)		0.35			0.35	(c)
NYSE Arca Gold BUGS Index (HUI)		(19.02	)		(27.64	)		(8.15	)		(5.77	)		(0.31	)		0.82	(d)
Lipper Precious Metals Fund Classification		(15.51	)		(21.10	)		(4.99	)		(3.90	)		1.52			1.39
Standard & Poor’s (S&P) 500 Index		7.71			17.91			13.95			11.97			9.65			10.15
Class A (GLDAX)		(15.41	)		(22.14	)		(2.64	)		(2.63	)		2.25			3.23
With sales charge (e)		(20.27	)		(26.61	)		(3.79	)		(3.20	)		1.85			2.98
Class C (GLDCX)		(15.56	)		(22.69	)		(3.36	)		(3.37	)		1.47			2.73
With contingent deferred sales charge (f)		(16.40	)		(23.46	)		(3.36	)		(3.37	)		1.47			2.73
Class I (GLDIX)		(15.35	)		(21.92	)		(2.40	)		(2.41	)		2.42			3.34

In the current prospectuses dated April 30, 2018, the expense ratios for Class AAA, A, C, and I Shares are 1.52%, 1.52%, 2.27%, and 1.27%, respectively. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A Shares and Class C Shares is 5.75% and 1.00%, respectively.

(a)

Returns represent past performance and do not guarantee future results. Total returns and average annual returns reflect changes in share price, reinvestment of distributions, and are net of expenses. Investment returns and the principal value of an investment will fluctuate. When shares are redeemed, they may be worth more or less than their original cost. Current performance may be lower or higher than the performance data presented. Visit www.gabelli.com for performance information as of the most recent month end. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days of purchase. Performance returns for periods of less than one year are not annualized. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectuses contain information about these and other matters and should be read carefully before investing. To obtain a prospectus, please visit our website at www.gabelli.com. Investing in foreign securities involves risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks. Investing in gold is considered speculative and is affected by a variety of worldwide economic, financial, and political factors. The Class AAA Share NAVs are used to calculate performance for the periods prior to the issuance of Class A Shares and Class C Shares on December 23, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class A Shares and Class C Shares would have been lower due to the additional fees and expenses associated with these classes of shares. The actual performance of the Class I Shares would have been higher due to lower expenses related to this class of shares. The XAU Index is an unmanaged indicator of stock market performance of large North American gold and silver companies. The NYSE Arca Gold Miners Index is a modified market capitalization weighted index comprised of publicly traded companies involved primarily in the mining for gold and silver. The NYSE Arca Gold BUGS Index is a modified equal-dollar weighted index of companies involved in major gold mining. It was designed to give investors significant exposure to near term movements in gold prices by including companies that do not hedge their gold production beyond one-and-a-half years. The Lipper Precious Metals Fund Classification reflects the average performance of mutual funds classified in this particular category. The S&P 500 Index is a market capitalization weighted index of 500 large capitalization stocks commonly used to represent the U.S. equity market. Dividends are considered reinvested. You cannot invest directly in an index.

(b)

XAU Index since inception performance results are as of June 30, 1994.

(c)

NYSE Arca Gold Miners Index since inception performance results are as of June 30, 1994.

(d)

There are no data available for the NYSE Arca Gold BUGS Index prior to December 16, 1994.

(e)

Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(f)

Assuming payment of the 1% maximum contingent deferred sales change imposed on redemptions made within one year of purchase.


Shares			Market Value

		COMMON STOCKS — 99.9%
		Metals and Mining — 99.9%
		Asia/Pacific Rim — 18.9%
	1,000,000	Evolution Mining Ltd.	$	1,915,556
	7,000,000	Gold Road Resources Ltd.†		3,440,773
	947,079	Newcrest Mining Ltd.		13,268,577
	1,176,227	Northern Star Resources Ltd.		7,056,971
	2,220,850	OceanaGold Corp., New York		6,706,967
	425,000	OceanaGold Corp., Toronto		1,283,242
	3,745,000	Perseus Mining Ltd., Australia†		1,028,690
	4,450,000	Perseus Mining Ltd., Toronto†		1,188,596
	10,989,011	RTG Mining Inc., CDI†		794,342
	4,027,272	Saracen Mineral Holdings Ltd.†		5,429,238
	2,206,756	Westgold Resources Ltd.†		2,025,849

				44,138,801


		Europe — 11.2%
	2,399,000	Centamin plc		3,320,740
	1,803,054	Condor Gold plc†(a)		822,540
	3,000,000	Hummingbird Resources plc†		967,780
	295,900	Randgold Resources Ltd., ADR		20,875,745

				25,986,805


		Latin America — 8.1%
	185,000	Endeavour Mining Corp., New York†		2,887,469
	1,135,500	Fresnillo plc		12,156,874
	1,797,709	Hochschild Mining plc		3,836,903

				18,881,246


		North America — 61.0%
	135,246	Agnico Eagle Mines Ltd., New York		4,625,413
	322,186	Agnico Eagle Mines Ltd., Toronto		11,005,184
	600,000	Alacer Gold Corp., New York†		948,000
	700,000	Alacer Gold Corp., Toronto†		1,083,885
	1,037,675	Alamos Gold Inc., New York, Cl. A		4,783,682
	1,325,250	Alamos Gold Inc., Toronto, Cl. A		6,084,258
	5,500,000	Alexandria Minerals Corp.†(a)		149,034
	1,100,000	Amarillo Gold Corp.†		236,326
	1,750,000	Asanko Gold Inc., New York†		1,412,250
	2,224,650	B2Gold Corp., New York†		5,116,695
	400,000	B2Gold Corp., Toronto†		910,463
	373,700	Barrick Gold Corp., New York		4,140,596
	122,661	Barrick Gold Corp., Toronto		1,357,044
	4,600,000	Belo Sun Mining Corp.†		801,301
	139,700	Chesapeake Gold Corp.†		216,312
	52,700	Contango ORE Inc.†(a)(b)		1,106,700
	55,000	Contango ORE Inc., New York†		1,155,000
	1,100,000	Continental Gold Inc.†		2,239,771
	685,000	Detour Gold Corp., New York†		5,527,950
	115,000	Detour Gold Corp., Toronto†		929,509
	600,000	Fortuna Silver Mines Inc.†		2,622,000
	244,700	Franco-Nevada Corp.(a)		15,307,367
	350,000	Gold Standard Ventures Corp.†		602,000


Shares			Market Value

	270,000	Goldcorp Inc., New York	$	2,754,000
	433,800	Goldcorp Inc., Toronto		4,419,779
	500,000	Golden Queen Mining Co. Ltd., New York†		64,650
	1,500,000	Golden Queen Mining Co. Ltd., New York†(a)		193,950
	10,487,000	Golden Queen Mining Co. Ltd., Toronto†		1,339,647
	473,000	Golden Queen Mining Co. Ltd., Toronto†		58,592
	300,000	K92 Mining Inc.†		197,422
	250,000	Kinross Gold Corp.†		675,000
	210,000	Kirkland Lake Gold Ltd.		3,980,026
	95,533	MAG Silver Corp.†(a)(b)		774,773
	165,000	MAG Silver Corp., New York†		1,333,643
	5,050,000	Mandalay Resources Corp.†		566,911
	1,000,000	Midas Gold Corp., New York†		704,950
	1,950,000	Midas Gold Corp., Toronto†		1,373,824
	302,871	Newmont Mining Corp.		9,146,704
	200,000	Northern Dynasty Minerals Ltd., New York†		112,000
	1,672,000	Northern Dynasty Minerals Ltd., Toronto†		932,017
	306,860	Osisko Gold Royalties Ltd.		2,328,207
	100,000	Pan American Silver Corp.		1,476,000
	10,600,000	Redstar Gold Corp.†		246,197
	200,000	Royal Gold Inc.		15,412,000
	600,000	SEMAFO Inc., New York†(a)		1,412,147
	400,000	SEMAFO Inc., Toronto†		941,432
	240,000	TMAC Resources Inc.†		871,443
	50,000	Torex Gold Resources Inc., New York†(a)		424,844
	385,000	Torex Gold Resources Inc., Toronto†		3,269,810
	1,200,000	Victoria Gold Corp., New York†		317,400
	2,000,000	Victoria Gold Corp., Toronto†		541,942
	3,041,000	Wesdome Gold Mines Ltd.†		8,334,409
	290,000	Wheaton Precious Metals Corp., New York		5,075,000
	30,000	Wheaton Precious Metals Corp., Toronto		524,910

				142,164,369


		South Africa — 0.7%
	200,000	Harmony Gold Mining Co. Ltd.		330,240
	750,000	Harmony Gold Mining Co. Ltd., ADR		1,245,000

				1,575,240


		TOTAL COMMON STOCKS		232,746,461


		WARRANTS — 0.1%
		Metals and Mining — 0.1%
		Asia/Pacific Rim — 0.0%
	441,351	Westgold Resources Ltd., expire 06/30/19†		16,271


		Europe — 0.0%
	650,364	Condor Gold plc, expire 02/23/19†(a)(b)		0
	251,163	Condor Gold plc, expire 03/22/20†(a)(b)		4,854

				4,854


Shares			Market Value

		WARRANTS (Continued)
		Metals and Mining (Continued)
		North America — 0.1%
	475,000	Golden Queen Mining Co. Ltd., expire 08/03/19†	$	135
	1,222,000	Northern Dynasty Minerals Ltd., expire 06/15/21†		283,643
	2,175,000	Redstar Gold Corp., expire 05/03/19†		5,077

				288,855


		TOTAL WARRANTS		309,980


		TOTAL INVESTMENTS — 100.0% (Cost $219,989,270)	$	233,056,441

(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2018, the market value of Rule 144A securities amounted to $20,196,209 or 8.67% of total investments.

(b)	At September 30, 2018, the Fund held investments in restricted and illiquid securities amounting to $1,886,327 or 0.81% of total investments, which were valued under methods approved by the Board of Directors as follows:


Acquisition Shares		Issuer	Acquisition Date	Acquisition Cost		09/30/18 Carrying Value Per Share
	52,700	Contango ORE Inc.	10/17/17	$	1,045,003		$21.0000
	95,533	MAG Silver Corp.	11/17/17	$	1,000,231		$8.1100
	650,364	Condor Gold plc warrants, expire 02/23/19	02/27/17	$	0		$0.0000
	251,163	Condor Gold plc warrants, expire 03/22/20	03/26/18	$	33,892		$0.0193

†	Non-income producing security.

ADR	American Depositary Receipt

CDI	CHESS (Australia) Depository Interest

As an investment company, the Fund follows the investment company accounting and reporting guidance, which is part of U.S. generally accepted accounting principles (GAAP) that may require the use of management estimates and assumptions in the preparation of its schedule of investments. Actual results could differ from those estimates. The following is a summary of significant accounting policies followed by the Fund in the preparation of its schedule of investments.

Security Valuation. Portfolio securities listed or traded on a nationally recognized securities exchange or traded in the U.S. over-the-counter market for which market quotations are readily available are valued at the last quoted sale price or a market’s official closing price as of the close of business on the day the securities are being valued. If there were no sales that day, the security is valued at the average of the closing bid and asked prices or, if there were no asked prices quoted on that day, then the security is valued at the closing bid price on that day. If no bid or asked prices are quoted on such day, the security is valued at the most recently available price or, if the Board of Directors (the Board) so determines, by such other method as the Board shall determine in good faith to reflect its fair market value. Portfolio securities traded on more than one national securities exchange or market are valued according to the broadest and most representative market, as determined by Gabelli Funds, LLC (the Adviser).

Portfolio securities primarily traded on a foreign market are generally valued at the preceding closing values of such securities on the relevant market, but may be fair valued pursuant to procedures established by the Board if market conditions change significantly after the close of the foreign market, but prior to the close of business on the day the securities are being valued. Debt obligations for which market quotations are readily available are valued at the average of the latest bid and asked prices. If there were no asked prices quoted on such day, the security is valued using the closing bid price, unless the Board determines such amount does not reflect the securities’ fair value, in which case the securities will be fair valued as determined by the Board. Such debt obligations are valued through prices provided by a pricing service approved by the Board. Certain securities are valued principally using dealer quotations. Futures contracts are valued at the closing settlement price of the exchange or board of trade on which the applicable contract is traded. OTC futures and options on futures for which market quotations are readily available will be valued by quotations received from a pricing service or, if no quotations are available from a pricing service, by quotations obtained from one or more dealers in the instrument in question by the Adviser.

Securities and assets for which market quotations are not readily available are fair valued as determined by the Board. Fair valuation methodologies and procedures may include, but are not limited to: analysis and review of available financial and non-financial information about the company; comparisons with the valuation and changes in valuation of similar securities, including a comparison of foreign securities with the equivalent U.S. dollar value American Depositary Receipt securities at the close of the U.S. exchange; and evaluation of any other information that could be indicative of the value of the security.

The Fund employs a fair value model to adjust prices to reflect events affecting the values of certain portfolio securities which occur between the close of trading on the principal market for such securities (foreign exchanges and over-the-counter markets) at the time when net asset value of the Fund is determined. If the Fund’s valuation committee believes that a particular event would materially affect net asset value, further adjustment is considered.

The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in the aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The summary of the Fund’s investments in securities by inputs used to value the Fund’s investments as of September 30, 2018 is as follows:

General. The Fund uses recognized industry pricing services – approved by the Board and unaffiliated with the Adviser – to value most of its securities, and uses broker quotes provided by market makers of securities not valued by these and other recognized pricing sources. Several different pricing feeds are received to value domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds are ultimately sourced from major stock exchanges and trading systems where these securities trade. The prices supplied by external sources are checked by obtaining quotations or actual transaction prices from market participants. If a price obtained from the pricing source is deemed unreliable, prices will be sought from another pricing service or from a broker/dealer that trades that security or similar securities.

Fair Valuation. Fair valued securities may be common or preferred equities, warrants, options, rights, or fixed income obligations. Where appropriate, Level 3 securities are those for which market quotations are not available, such as securities not traded for several days, or for which current bids are not available, or which

are restricted as to transfer. Among the factors to be considered to fair value a security are recent prices of comparable securities that are publicly traded, reliable prices of securities not publicly traded, the use of valuation models, current analyst reports, valuing the income or cash flow of the issuer, or cost if the preceding factors do not apply. A significant change in the unobservable inputs could result in a lower or higher value in Level 3 securities. The circumstances of Level 3 securities are frequently monitored to determine if fair valuation measures continue to apply.

The Adviser reports quarterly to the Board the results of the application of fair valuation policies and procedures. These may include backtesting the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Foreign Currency Translations. The books and records of the Fund are maintained in U.S. dollars. Foreign currencies, investments, and other assets and liabilities are translated into U.S. dollars at current exchange rates. Purchases and sales of investment securities, income, and expenses are translated at the exchange rate prevailing on the respective dates of such transactions. Unrealized gains and losses that result from changes in foreign exchange rates and/or changes in market prices of securities have been included in unrealized appreciation/depreciation on investments and foreign currency translations. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Fund and the amounts actually received. The portion of foreign currency gains and losses related to fluctuation in exchange rates between the initial purchase trade date and subsequent sale trade date is included in realized gain/(loss) on investments.

Foreign Securities. The Fund may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the inability to repatriate funds, less complete financial information about companies, and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than securities of comparable U.S. issuers.

Foreign Taxes. The Fund may be subject to foreign taxes on income, gains on investments, or currency repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.

Restricted Securities. The Fund may invest up to 15% of its net assets in securities for which the markets are restricted. Restricted securities include securities whose disposition is subject to substantial legal or contractual restrictions. The sale of illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over-the-counter markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Securities freely saleable among qualified institutional investors under special rules adopted by the SEC may be treated as liquid if they satisfy liquidity standards established by the Board. The continued liquidity of such securities is not as well assured as that of publicly

traded securities, and accordingly the Board will monitor their liquidity. For the restricted securities the Fund held at September 30, 2018, refer to the Schedule of Investments.

Tax Information. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

Caesar M. P. Bryan joined GAMCO Asset Management in 1994. He is a member of the global investment team of Gabelli Funds, LLC and portfolio manager of several funds within the Gabelli/GAMCO Fund Complex. Prior to joining Gabelli, Mr. Bryan was a portfolio manager at Lexington Management. He began his investment career at Samuel Montagu Company, the London based merchant bank. Mr. Bryan graduated from the University of Southampton in England with a Bachelor of Law and is a member of the English Bar.

GABELLI GOLD FUND, INC.

One Corporate Center

Rye, New York 10580-1422

t 800-GABELLI (800-422-3554)

f 914-921-5118

e info@gabelli.com

GABELLI.COM

Net Asset Value per share available daily

by calling 800-GABELLI after 7:00 P.M.


BOARD OF DIRECTORS		OFFICERS
Mario J. Gabelli, CFA Chairman and Chief Executive Officer, GAMCO Investors, Inc. Executive Chairman, Associated Capital Group Inc. E. Val Cerutti Chief Executive Officer, Cerutti Consultants, Inc. Anthony J. Colavita President, Anthony J. Colavita, P.C. Werner J. Roeder Former Medical Director, Lawrence Hospital Anthonie C. van Ekris Chairman, BALMAC International, Inc. Salvatore J. Zizza Chairman, Zizza & Associates Corp. Daniel E. Zucchi President, Daniel E. Zucchi Associates		Bruce N. Alpert President John C. Ball Treasurer Agnes Mullady Vice President Andrea R. Mango Secretary Richard J. Walz Chief Compliance Officer DISTRIBUTOR G.distributors, LLC CUSTODIAN State Street Bank and Trust Company TRANSFER AGENT AND DIVIDEND DISBURSING AGENT DST Asset Manager Solutions, Inc. LEGAL COUNSEL Paul Hasting LLP

This report is submitted for the general information of the shareholders of the Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB008Q318QR

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


Gabelli Gold Fund, Inc. Third Quarter Report — September 30, 2018
To Our Shareholders,		Caesar M. P. Bryan Portfolio Manager
For the quarter ended September 30, 2018, the net asset value (NAV) per Class AAA Share of the Gabelli Gold Fund, Inc. fell 15.4% compared with a decrease of 20.0% for the Philadelphia Gold & Silver (XAU) Index and the depreciation of 19.0% for NYSE Arca Gold BUGS Index (HUI), respectively. Other classes of shares are available. See below for performance information for all classes of shares. Enclosed is the schedule of investments as of September 30, 2018.


	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Total Market Value at 9/30/18
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Metals and Mining
Asia/Pacific Rim		$ 30,870,224		$13,268,577		$ 44,138,801
Europe		25,986,805		—		25,986,805
Latin America		18,881,246		—		18,881,246
North America		141,444,607		719,762		142,164,369
South Africa		1,575,240		—		1,575,240
Total Common Stocks		218,758,122		13,988,339		232,746,461
Warrants:
Metals and Mining
Asia/Pacific Rim		16,271		—		16,271
Europe		—		4,854		4,854
North America		—		288,855		288,855
Total Warrants		16,271		293,709		309,980
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$218,774,393		$14,282,048		$233,056,441