UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-08518

Gabelli Gold Fund, Inc.

(formerly, GAMCO Gold Fund, Inc.)

(Exact name of registrant as specified in charter)

One Corporate Center

Rye, New York 10580-1422

(Address of principal executive offices) (Zip code)

Bruce N. Alpert

Gabelli Funds, LLC

One Corporate Center

Rye, New York 10580-1422

(Name and address of agent for service)

registrant’s telephone number, including area code: 1-800-422-3554

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR 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 Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

Gabelli Gold Fund, Inc. Semiannual Report — June 30, 2012
	Caesar Bryan

To Our Shareholders,

For the six months ended June 30, 2012, the net asset value (“NAV”) per Class AAA Share of the Gabelli Gold Fund, Inc. declined 10.5% compared with a decrease of 12.8% for the Philadelphia Gold & Silver (“XAU”) Index. See below for additional performance information.

Enclosed are the schedule of investments and financial statements as of June 30, 2012.

Comparative Results

Average Annual Returns through June 30, 2012 (a) (Unaudited)													Since
	Six Months			1 Year			5 Year			10 Year			Inception (7/11/94)
Class AAA (GOLDX)		(10.49	)%		(17.25	)%		6.16	%		14.07	%	8.04%
XAU Index		(12.79	)		(21.67	)		2.99			8.23		1.87
Lipper Precious Metals Fund Average		(15.00	)		(24.94	)		5.28			14.21		6.34(e)
Standard & Poor’s (“S&P”) 500 Index		9.49			5.45			0.22			5.33		8.45(e)
Class A (GLDAX)		(10.51	)		(17.05	)		6.21			14.11		8.05
With sales charge (b)		(15.65	)		(21.82	)		4.96			13.43		7.70
Class B (GLDBX)		(10.83	)		(17.74	)		5.40			13.27		7.61
With contingent deferred sales charge (c)		(15.29	)		(21.85	)		5.07			13.27		7.61
Class C (GLDCX)		(10.81	)		(17.82	)		5.38			13.28		7.62
With contingent deferred sales charge (d)		(11.70	)		(18.64	)		5.38			13.28		7.62
Class I (GLDIX)		(10.36	)		(17.03	)		6.41			14.21		8.11

In the current prospectus dated April 27, 2012, the expense ratios for Class AAA, A, B, C, and I Shares are 1.46%, 1.46%, 2.21%, 2.21%, and 1.21%, respectively. See page 8 for the expense ratios for the six months ended June 30, 2012. Class AAA and Class I Shares do not have a sales charge. The maximum sales charge for Class A, B, and C Shares is 5.75%, 5.00%, 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. The Fund imposes a 2% redemption fee on shares sold or exchanged within seven days after the date of purchase. Performance returns for periods of less than one year are not annualized. 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. Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. The prospectus contains information about these and other matters and should be read carefully before investing. 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, Class B Shares, and Class C Shares on December 23, 2002, and Class I Shares on January 11, 2008. The actual performance of the Class B Shares and Class C Shares would have been lower due to the additional 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, while the Lipper Precious Metals Fund Average 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)  Performance results include the effect of the maximum 5.75% sales charge at the beginning of the period.

(c)  Assuming payment of the maximum contingent deferred sales charge (CDSC). The maximum CDSC for Class B Shares is 5% and is gradually reduced to 0% after six years.

(d)  Assuming payment of the 1% maximum CDSC imposed on redemptions made within one year of purchase.

(e)  The S&P 500 Index and the Lipper Precious Metals Fund Average since inception performance are as of June 30, 1994.

Gabelli Gold Fund, Inc.

Disclosure of Fund Expenses (Unaudited)

For the Six Month Period from January 1, 2012 through June 30, 2012 Expense Table

We believe it is important for you to understand the impact of fees and expenses regarding your investment. All mutual funds have operating expenses. As a shareholder of a fund, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a fund’s gross income, directly reduce the investment return of a fund. When a fund’s expenses are expressed as a percentage of its average net assets, this figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your Fund and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.

The Expense Table below illustrates your Fund’s costs in two ways:

Actual Fund Return: This section provides information about actual account values and actual expenses. You may use this section to help you to estimate the actual expenses that you paid over the period after any fee waivers and expense reimbursements. The “Ending Account Value” shown is derived from the Fund’s actual return during the past six months, and the “Expenses Paid During Period” shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your Fund under the heading “Expenses Paid During Period” to estimate the expenses you paid during this period.

Hypothetical 5% Return: This section provides information about hypothetical account values and

hypothetical expenses based on the Fund’s actual expense ratio. It assumes a hypothetical annualized return of 5% before expenses during the period shown. In this case – because the hypothetical return used is not the Fund’s actual return – the results do not apply to your investment and you cannot use the hypothetical account value and expense to estimate the actual ending account balance or expenses you paid for the period. This example is useful in making comparisons of the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads), redemption fees, or exchange fees, if any, which are described in the Prospectus. If these costs were applied to your account, your costs would be higher. Therefore, the 5% hypothetical return is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

	Beginning  Account Value  01/01/12	Ending  Account Value  06/30/12	Annualized  Expense Ratio	Expenses  Paid During  Period*
Gabelli Gold Fund, Inc.
Actual Fund Return
Class AAA	$1,000.00	$   895.10	1.53%		$  7.21
Class A	$1,000.00	$   894.90	1.53%		$  7.21
Class B	$1,000.00	$   891.70	2.28%		$10.72
Class C	$1,000.00	$   891.90	2.28%		$10.72
Class I	$1,000.00	$   896.40	1.28%		$  6.04
Hypothetical 5% Return
Class AAA	$1,000.00	$1,017.26	1.53%		$  7.67
Class A	$1,000.00	$1,017.26	1.53%		$  7.67
Class B	$1,000.00	$1,013.53	2.28%		$11.41
Class C	$1,000.00	$1,013.53	2.28%		$11.41
Class I	$1,000.00	$1,018.50	1.28%		$  6.42

* Expenses are equal to the Fund’s annualized expense ratio for the last six months multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182 days), then divided by 366.

2

Summary of Portfolio Holdings (Unaudited)

The following table presents portfolio holdings as a percent of net assets as of June 30, 2012:

Gabelli Gold Fund, Inc.

North America	56.5%
United Kingdom	23.4%
Australia	10.5%
Africa	9.3%

Latin America	0.5%
Other Assets and Liabilities (Net)	(0.2)%
	100.0%

The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on Form N-Q. Shareholders may obtain this information at www.gabelli.com or by calling the Fund at 800-GABELLI (800-422-3554). The Fund’s Form N-Q is available on the SEC’s website at www.sec.gov and may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 800-SEC-0330.

Proxy Voting

The Fund files Form N-PX with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. A description of the Fund’s proxy voting policies, procedures, and how the Fund voted proxies relating to portfolio securities is available without charge, upon request, by (i) calling 800-GABELLI (800-422-3554); (ii) writing to The Gabelli Funds at One Corporate Center, Rye, NY 10580-1422; or (iii) visiting the SEC’s website at www.sec.gov.

We have separated the portfolio manager’s commentary from the financial statements and investment portfolio due to corporate governance regulations stipulated by the Sarbanes-Oxley Act of 2002. We have done this to ensure that the content of the portfolio manager’s commentary is unrestricted. The financial statements and investment portfolio are mailed separately from the commentary. Both the commentary and the financial statements, including the portfolio of investments, will be available on our website at www.gabelli.com.

3

Gabelli Gold Fund, Inc.

Schedule of Investments — June 30, 2012 (Unaudited)

Shares			Cost		Market Value
		COMMON STOCKS — 100.0%
		Metals and Mining — 100.0%
		Africa — 9.3%
	436,200	AngloGold Ashanti Ltd., ADR		$  17,357,067		$  14,979,108
	1,316,449	Gold Fields Ltd., ADR		17,760,811		16,863,712
	325,000	Harmony Gold Mining Co. Ltd., ADR		3,127,604		3,055,000
	329,609	Witwatersrand Consolidated Gold Resources Ltd.†		3,998,630		1,292,742
				42,244,112		36,190,562
		Australia — 10.5%
	408,499	Allied Gold Mining plc, CDI†		1,421,198		966,744
	3,519,000	Centamin plc†		3,871,620		3,871,211
	3,125,000	Integra Mining Ltd.†		1,523,550		1,261,694
	300,000	Medusa Mining Ltd		1,573,822		1,496,526
	1,067,079	Newcrest Mining Ltd.(a)		35,868,835		25,119,040
	600,000	Perseus Mining Ltd.†		1,736,801		1,555,839
	577,694	Red 5 Ltd.†		951,007		860,298
	297,600	Red 5 Ltd., ASE†		491,967		443,184
	1,000,000	Saracen Mineral Holdings Ltd.†		722,176		573,291
	1,584,500	Silver Lake Resources Ltd.†		1,492,913		4,591,410
				49,653,889		40,739,237
		Latin America — 0.5%
	50,000	Compania de Minas Buenaventura SA, ADR		819,137		1,899,000
		North America — 56.3%
	262,800	Agnico-Eagle Mines Ltd., New York		3,373,539		10,632,888
	291,231	Agnico-Eagle Mines Ltd., Toronto		2,970,643		11,796,844
	49,800	Alacer Gold Corp.†		163,969		262,944
	270,000	Alacer Gold Corp., Toronto†		797,229		1,461,251
	5,500,000	Alexandria Minerals Corp.†(b)		965,100		243,100
	80,000	Allied Nevada Gold Corp.†		2,074,490		2,270,400
	459,700	Barrick Gold Corp., New York		16,382,857		17,270,929
	182,661	Barrick Gold Corp., Toronto		4,839,575		6,880,512
	508,000	Comstock Mining Inc.†		1,060,854		1,254,760
	120,000	Detour Gold Corp.†		1,579,994		2,417,444
	100,000	Duluth Metals Ltd.†		258,706		146,351
	1,000,000	Eastmain Resources Inc.†		1,465,383		854,533
	754,900	Eldorado Gold Corp., New York		1,623,064		9,300,368
	70,933	Eldorado Gold Corp., Toronto		1,319,623		873,686
	467,500	Eldorado Gold Corp., Toronto(c)		6,283,338		5,758,226
	300,000	Extorre Gold Mines Ltd.†		1,920,822		1,240,546
	396,700	Franco-Nevada Corp.		9,887,158		17,939,366
	298,000	Franco-Nevada Corp.(b)		5,787,790		13,476,004
	80,000	Gold Resource Corp.		1,252,131		2,079,200
	696,508	Goldcorp Inc., Toronto		3,934,815		26,222,524
	1,100,000	Golden Predator Corp.†		839,319		410,569
	1,050,000	Golden Predator Corp.†(b)		615,306		391,906

Shares			Cost		Market Value
	1,500,000	Golden Queen Mining Co. Ltd.†	$	974,222	$	2,843,532
	500,000	Golden Queen Mining Co. Ltd.†		279,474		947,844
	1,500,000	Golden Queen Mining Co. Ltd.†(c)		656,888		2,843,532
	150,000	IAMGOLD Corp.		1,426,896		1,770,000
	175,000	International Minerals Corp.†		1,324,014		848,127
	300,000	Kinross Gold Corp., New York		2,867,003		2,445,000
	100,000	Kirkland Lake Gold Inc.†		1,557,516		1,076,515
	800,000	La Mancha Resources Inc.†		1,804,408		1,964,444
	170,000	MAG Silver Corp.†		995,437		1,496,120
	1,400,000	Merrex Gold Inc.†(c)		716,883		130,636
	529,871	Newmont Mining Corp.		22,476,755		25,704,042
	435,000	Osisko Mining Corp.†		2,953,462		2,990,865
	120,000	Osisko Mining Corp.†(c)		817,996		825,066
	1,555,556	Papuan Precious Metals Corp.†(b)		711,802		61,116
	100,000	Petaquilla Minerals Ltd.†		72,626		38,798
	2,440,000	Petaquilla Minerals Ltd.†(b)		2,447,342		946,665
	200,000	Queenston Mining Inc.†		1,385,370		671,840
	1,500,000	Romarco Minerals Inc.†		1,897,175		780,866
	170,000	Royal Gold Inc.		7,562,816		13,328,000
	1,075,000	SEMAFO Inc.		3,228,901		4,930,999
	600,000	SEMAFO Inc.(c)		970,533		2,752,185
	750,000	Torex Gold Resources Inc.†		931,173		1,215,499
	3,700,000	Wesdome Gold Mines Ltd.†		5,131,711		2,907,377
	629,390	Yamana Gold Inc., New York		3,900,717		9,692,606
	143,444	Yamana Gold Inc., Toronto		1,092,812		2,209,038
				137,579,637		218,605,063
		United Kingdom — 23.4%
	300,000	Avocet Mining plc		1,102,585		424,559
	1,290,500	Fresnillo plc		12,558,266		29,560,028
	2,320,152	Hochschild Mining plc		14,535,222		17,140,384
	285,000	Hummingbird Resources plc†		746,553		495,069
	483,400	Randgold Resources Ltd., ADR		3,506,068		43,510,834
				32,448,694		91,130,874
		TOTAL COMMON STOCKS		262,745,469		388,564,736
		WARRANTS — 0.2%
		North America — 0.2%
	5,500,000	Alexandria Mineral Corp., expire 08/05/12†(a)(b)(d)		0		0
	87,500	Franco-Nevada Corp., expire 06/16/17†		0		507,072
	525,000	Golden Predator Corp., expire 09/08/12†(a)(b)(d)		0		1
	275,000	Golden Predator Corp., expire 11/04/12†(a)(c)(d)		0		189
	50,015	Kinross Gold Corp., expire 09/03/13†		160,892		18,913
	63,800	Kinross Gold Corp., Cl. D, expire 09/17/14†		304,046		25,066

See accompanying notes to financial statements.

4

Gabelli Gold Fund, Inc.

Schedule of Investments (Continued) — June 30, 2012 (Unaudited)

Shares			Cost		Market Value
		WARRANTS (Continued)
		North America (Continued)
	700,000	Merrex Gold Inc., expire 09/30/12†(a)(c)(d)	$	0	$	94
	777,778	Papuan Precious Metals Corp., expire 09/11/12†(a)(b)(d)		0		2
	2,440,000	Petaquilla Minerals Ltd., expire 01/27/14†(a)(b)(d)		0		155,181
		TOTAL WARRANTS		464,938		706,518
		TOTAL INVESTMENTS — 100.2%	$	263,210,407		389,271,254
		Other Assets and Liabilities (Net) — (0.2)%				(781,133	)
		NET ASSETS — 100.0%			$	388,490,121

(a) Security fair valued under procedures established by the Board of Directors. The procedures may include reviewing available financial information about the company and reviewing the valuation of comparable securities and other factors on a regular basis. At June 30, 2012, the market value of fair valued securities amounted to $25,274,507 or 6.51% of net assets.

(b) 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 June 30, 2012, the market value of Rule 144A securities amounted to $15,273,975 or 3.93% of net assets.

(c) At June 30, 2012, the Fund held investments in restricted securities amounting to $12,309,928 or 3.17% net assets, which were valued under methods approved by the Board of Directors as follows (except as noted in (d), these securities are liquid):

Acquisition  Shares		Issuer	Acquisition        Date	Acquisition        Cost		06/30/12 Carrying Value Per Unit
	467,500	Eldorado Gold Corp., Toronto	12/15/09	$	6,283,338	$12.3171
	275,000	Golden Predator Corp., Warrants expire 11/04/12	10/27/10		—	0.0007
	1,500,000	Golden Queen Mining Co. Ltd.	05/24/02		656,888	1.8957
	1,400,000	Merrex Gold Inc.	03/29/11		716,883	0.0933
	700,000	Merrex Gold Inc., Warrants expire 09/30/12	03/29/11		—	0.0001
	120,000	Osisko Mining Corp.	10/30/97		817,996	6.8756
	600,000	SEMAFO Inc.	12/07/05		970,533	4.5870

(d) Illiquid security.

† Non-income producing security.

ADR American Depositary Receipt

CDI CHESS (or Australian) Depository Interest

Geographic Diversification	% of Market  Value			Market  Value
North America		56.3	%		$	219,311,581
United Kingdom		23.4				91,130,874
Australia		10.5				40,739,237
Africa		9.3				36,190,562
Latin America		0.5				1,899,000
		100.0	%		$	389,271,254

See accompanying notes to financial statements.

5

Gabelli Gold Fund, Inc.

Statement of Assets and Liabilities

June 30, 2012 (Unaudited)

Assets:
Investments, at value (cost $263,210,407)	$	389,271,254
Receivable for Fund shares sold		327,255
Dividends receivable		97,224
Prepaid expenses		57,112
Total Assets		389,752,845
Liabilities:
Payable to custodian		46,531
Payable for Fund shares redeemed		511,814
Payable for investment advisory fees		325,120
Payable for distribution fees		85,117
Payable for accounting fees		3,750
Payable for shareholder services fees		135,946
Payable for shareholder communications expenses		69,160
Other accrued expenses		85,286
Total Liabilities		1,262,724
Net Assets (applicable to 18,453,672 shares outstanding)	$	388,490,121
Net Assets Consist of:
Paid-in capital	$	277,206,183
Accumulated net investment loss		(31,031,747	)
Accumulated net realized gain on investments and foreign currency transactions		16,254,530
Net unrealized appreciation on investments		126,060,847
Net unrealized appreciation on foreign currency translations		308
Net Assets	$	388,490,121
Shares of Capital Stock, each at $0.001 par value:
Class AAA:
Net Asset Value, offering, and redemption price per share ($331,435,547 ÷ 15,728,138 shares outstanding; 375,000,000 shares authorized)		$21.07
Class A:
Net Asset Value and redemption price per share ($19,876,800 ÷ 941,006 shares outstanding; 250,000,000 shares authorized)		$21.12
Maximum offering price per share (NAV ÷ 0.9425, based on maximum sales charge of 5.75% of the offering price)		$22.41
Class B:
Net Asset Value and offering price per share ($53,211 ÷ 2,616 shares outstanding; 125,000,000 shares authorized)		$20.34	(a)
Class C:
Net Asset Value and offering price per share ($13,810,941 ÷ 686,107 shares outstanding; 125,000,000 shares authorized)		$20.13	(a)
Class I:
Net Asset Value, offering, and redemption price per share ($23,313,622 ÷ 1,095,805 shares outstanding; 125,000,000 shares authorized)		$21.28

(a) Redemption price varies based on the length of time held.

Statement of Operations

For the Six Months Ended June 30, 2012 (Unaudited)

Investment Income:
Dividends (net of foreign withholding taxes of $177,069)	$	2,986,075
Interest		52
Total Investment Income		2,986,127
Expenses:
Investment advisory fees		2,200,633
Distribution fees - Class AAA		475,176
Distribution fees - Class A		27,419
Distribution fees - Class B		514
Distribution fees - Class C		75,366
Shareholder services fees		246,047
Custodian fees		69,842
Shareholder communications expenses		67,266
Directors’ fees		54,971
Registration expenses		43,007
Legal and audit fees		35,226
Interest expense		26,431
Accounting fees		22,500
Miscellaneous expenses		45,156
Total Expenses		3,389,554
Net Investment Loss		(403,427	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency:
Net realized gain on investments		16,276,759
Net realized loss on foreign currency transactions		(21,984	)
Net realized gain on investments and foreign currency transactions		16,254,775
Net change in unrealized appreciation:
on investments		(62,865,781	)
on foreign currency translations		(5,382	)
Net change in unrealized appreciation on investments and foreign currency translations		(62,871,163	)
Net Realized and Unrealized Gain/(Loss) on Investments and Foreign Currency		(46,616,388	)
Net Decrease in Net Assets Resulting from Operations	$	(47,019,815	)

See accompanying notes to financial statements.

6

Gabelli Gold Fund, Inc.

Statement of Changes in Net Assets

	Six Months Ended June 30, 2012       (Unaudited)				Year Ended December 31, 2011
Operations:
Net investment loss		$	(403,427	)		$	(2,900,732	)
Net realized gain on investments and foreign currency transactions			16,254,775				121,248,405
Net change in unrealized depreciation on investments and foreign currency translations			(62,871,163	)			(231,535,678	)
Net Decrease in Net Assets Resulting from Operations			(47,019,815	)			(113,188,005	)
Distributions to Shareholders:
Net realized gain
Class AAA			—				(81,258,724	)
Class A			—				(4,639,320	)
Class B			—				(33,357	)
Class C			—				(3,117,644	)
Class I			—				(4,084,218	)
Total Distributions to Shareholders			—				(93,133,263	)
Capital Share Transactions:
Class AAA			(26,476,618	)			(100,508,801	)
Class A			(331,862	)			13,811,577
Class B			(94,760	)			(677,396	)
Class C			796,765				3,144,241
Class I			7,923,914				7,684,553
Net Decrease in Net Assets from Capital Share Transactions			(18,182,561	)			(76,545,826	)
Redemption Fees			(6,146	)			23,048
Net Decrease in Net Assets			(65,208,522	)			(282,844,046	)
Net Assets:
Beginning of period			453,698,643				736,542,689
End of period (including undistributed net investment income of $0 and $0, respectively)		$	388,490,121			$	453,698,643

See accompanying notes to financial statements.

7

Gabelli Gold Fund, Inc.

Financial Highlights

Selected data for a share of capital stock outstanding throughout each period:

			Income (Loss) from Investment Operations												Distributions																												Ratios to Average Net Assets/ Supplemental Data
Period Ended  December 31	Net Asset Value, Beginning of Period		Net Investment Income (Loss)(a)				Net Realized and Unrealized Gain (Loss) on Investments				Total from Investment Operations				Net Investment Income				Net Realized Gain on Investments				Return of Capital				Total Distributions				Redemption Fees(a)				Net Asset Value, End of Period			Total Return†			Net Assets End of Period (in 000’s)		Net Investment Income (Loss)			Operating Expenses(b)			Portfolio Turnover Rate
Class AAA
2012(c)		$23.54		$	(0.02	)		$	(2.45	)		$	(2.47	)			—				—				—				—			$	(0.00	)(d)		$	21.07		(10.5	)%		$331,435		(0.17	)%(e)		1.53	%(e)		2	%
2011		35.73			(0.16	)			(6.13	)			(6.29	)			—			$	(5.90	)			—			$	(5.90	)			0.00	(d)			23.54		(17.2	)		397,738		(0.46	)		1.46			4
2010		29.97			(0.18	)			10.87				10.69			$	(1.31	)			(3.62	)			—				(4.93	)			0.00	(d)			35.73		35.7			679,244		(0.53	)		1.44			7
2009		20.03			(0.23	)			10.67				10.44				(0.50	)			—				—				(0.50	)			0.00	(d)			29.97		52.1			520,594		(0.93	)		1.46			7
2008		28.11			(0.10	)			(7.99	)			(8.09	)			—				—				—				—				0.01				20.03		(28.7	)		366,855		(0.39	)		1.44			10
2007		24.98			(0.15	)			6.29				6.14				(0.68	)			(2.27	)		$	(0.06	)			(3.01	)			0.00	(d)			28.11		24.7			484,172		(0.56	)		1.46			12
Class A
2012(c)		$23.60		$	(0.02	)		$	(2.46	)		$	(2.48	)			—				—				—				—			$	(0.00	)(d)		$	21.12		(10.5	)%		$  19,877		(0.17	)%(e)		1.53	%(e)		2	%
2011		35.73			(0.14	)			(6.09	)			(6.23	)			—			$	(5.90	)			—			$	(5.90	)			0.00	(d)			23.60		(17.0	)		22,611		(0.40	)		1.46			4
2010		29.96			(0.19	)			10.88				10.69			$	(1.30	)			(3.62	)			—				(4.92	)			0.00	(d)			35.73		35.7			18,954		(0.56	)		1.44			7
2009		20.02			(0.23	)			10.66				10.43				(0.49	)			—				—				(0.49	)			0.00	(d)			29.96		52.1			15,458		(0.92	)		1.46			7
2008		28.09			(0.09	)			(7.99	)			(8.08	)			—				—				—				—				0.01				20.02		(28.7	)		11,752		(0.37	)		1.44			10
2007		24.95			(0.14	)			6.28				6.14				(0.67	)			(2.27	)		$	(0.06	)			(3.00	)			0.00	(d)			28.09		24.8			15,116		(0.54	)		1.46			12
Class B
2012(c)		$22.81		$	(0.11	)		$	(2.36	)		$	(2.47	)			—				—				—				—			$	0.00	(d)		$	20.34		(10.8	)%		$         53		(0.99	)%(e)		2.28	%(e)		2	%
2011		35.07			(0.43	)			(5.93	)			(6.36	)			—			$	(5.90	)			—			$	(5.90	)			0.00	(d)			22.81		(17.7	)		154		(1.32	)		2.21			4
2010		29.41			(0.43	)			10.63				10.20			$	(0.94	)			(3.60	)			—				(4.54	)			0.00	(d)			35.07		34.7			939		(1.34	)		2.19			7
2009		19.68			(0.41	)			10.44				10.03				(0.30	)			—				—				(0.30	)			0.00	(d)			29.41		51.0			1,682		(1.67	)		2.21			7
2008		27.82			(0.30	)			(7.85	)			(8.15	)			—				—				—				—				0.01				19.68		(29.3	)		1,314		(1.17	)		2.19			10
2007		24.77			(0.35	)			6.21				5.86				(0.49	)			(2.27	)		$	(0.05	)			(2.81	)			0.00	(d)			27.82		23.8			2,785		(1.30	)		2.21			12
Class C
2012(c)		$22.57		$	(0.10	)		$	(2.34	)		$	(2.44	)			—				—				—				—			$	(0.00	)(d)		$	20.13		(10.8	)%		$  13,811		(0.89	)%(e)		2.28	%(e)		2	%
2011		34.81			(0.39	)			(5.95	)			(6.34	)			—			$	(5.90	)			—			$	(5.90	)			0.00	(d)			22.57		(17.8	)		14,858		(1.19	)		2.21			4
2010		29.34			(0.42	)			10.60				10.18			$	(1.11	)			(3.60	)			—				(4.71	)			0.00	(d)			34.81		34.7			18,318		(1.27	)		2.19			7
2009		19.67			(0.42	)			10.44				10.02				(0.35	)			—				—				(0.35	)			0.00	(d)			29.34		51.0			11,291		(1.68	)		2.21			7
2008		27.79			(0.28	)			(7.85	)			(8.13	)			—				—				—				—				0.01				19.67		(29.2	)		5,892		(1.12	)		2.19			10
2007		24.72			(0.34	)			6.18				5.84				(0.46	)			(2.27	)		$	(0.04	)			(2.77	)			0.00	(d)			27.79		23.8			9,469		(1.30	)		2.21			12
Class I
2012(c)		$23.74		$	0.02			$	(2.48	)		$	(2.46	)			—				—				—				—			$	(0.00	)(d)		$	21.28		(10.4	)%		$  23,314		0.14	%(e)		1.28	%(e)		2	%
2011		35.88			(0.05	)			(6.19	)			(6.24	)			—			$	(5.90	)			—			$	(5.90	)			0.00	(d)			23.74		(17.0	)		18,338		(0.15	)		1.21			4
2010		30.06			(0.09	)			10.93				10.84			$	(1.42	)			(3.60	)			—				(5.02	)			0.00	(d)			35.88		36.1			19,088		(0.26	)		1.19			7
2009		20.09			(0.19	)			10.73				10.54				(0.57	)			—				—				(0.57	)			0.00	(d)			30.06		52.5			8,280		(0.68	)		1.21			7
2008(f)		31.71			(0.03	)			(11.60	)			(11.63	)			—				—				—				—				0.01				20.09		(36.6	)		1,122		(0.13	)(e)		1.20	(e)		10

    † Total return represents aggregate total return of a hypothetical $1,000 investment at the beginning of the period and sold at the end of the period including reinvestment of distributions and does not reflect applicable sales charges. Total return for a period of less than one year is not annualized.

  (a) Per share amounts have been calculated using the average shares outstanding method.

  (b) The Fund incurred interest expense during the six months ended June 30, 2012 and the years ended December 31, 2011, 2008, and 2007. If interest expense had not been incurred, the ratio of operating expenses to average net assets would have been 1.52%, 1.45%, 1.43%, and 1.44%, (Class AAA), 1.52%, 1.45%, 1.43%, and 1.44% (Class A), 2.27%, 2.20%, 2.17%, and 2.19% (Class B), 2.27%, 2.20%, 2.18%, and 2.19% (Class C), and 1.27%, 1.20%, and 1.18% (Class I), respectively. For the years ended December 31, 2010 and 2009, the effect of interest expense was minimal.

  (c) For the six months ended June 30, 2012, unaudited.

  (d) Amount represents less than $0.005 per share.

  (e) Annualized.

   (f) From the commencement of offering Class I Shares on January 11, 2008 through December 31, 2008.

See accompanying notes to financial statements.

8

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited)

1. Organization. Gabelli Gold Fund, Inc. was incorporated on May 13, 1994 in Maryland. The Fund is a diversified open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s primary objective is long-term capital appreciation. The Fund commenced investment operations on July 11, 1994.

The Fund may invest a high percentage of its assets in specific sectors of the market in order to achieve a potentially greater investment return. As a result, the Fund may be more susceptible to economic, political, and regulatory developments in a particular sector of the market, positive or negative, and may experience increased volatility to the Fund’s NAV and a magnified effect in its total return.

2. Significant Accounting Policies. The Fund’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), which may require the use of management estimates and assumptions. 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 financial statements.

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 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 instruments with remaining maturities of sixty days or less that are not credit impaired are valued at amortized cost, unless the Board determines such amount does not reflect the securities’ fair value, in which case these securities will be fair valued as determined by the Board. Debt instruments having a maturity greater than sixty days 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. U.S. government obligations with maturities greater than sixty days are normally valued using a model that incorporates market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations.

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 ADR 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.

9

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

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 are 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:

• Level 1  —  quoted prices in active markets for identical securities;

• Level 2  —  other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3  —  significant unobservable inputs (including the Fund’s determinations as to the fair value of investments).

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 June 30, 2012 is as follows:

	Valuation Inputs
	Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total Market Value at 6/30/12
INVESTMENTS IN SECURITIES:
ASSETS (Market Value):
Common Stocks:
Metals and Mining
Africa		$  34,897,820		$  1,292,742		—		$  36,190,562
Australia		6,730,532		34,008,705		—		40,739,237
Latin America		1,899,000		—		—		1,899,000
North America		217,657,219		947,844		—		218,605,063
United Kingdom		43,510,834		47,620,040		—		91,130,874
Total Common Stocks		304,695,405		83,869,331		—		388,564,736
Warrants:
North America		551,051		155,373		$94		706,518
TOTAL INVESTMENTS IN SECURITIES – ASSETS		$305,246,456		$84,024,704		$94		$389,271,254

At December 31, 2011, the market value of Level 2 securities was $35,607,838, or 7.85% of net assets. During the six months ended June 30, 2012, foreign common stock was transferred from Level 1 to Level 2 due to the application of fair value procedures resulting from volatility in U.S. markets after the close of the foreign markets. The beginning of period value of the securities that transferred from Level 1 to Level 2 during the six months ended June 30, 2012 amounted to $59,281,513, or 13.06% of net assets.

Additional Information to Evaluate Quantitative Information.

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

10

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

domestic equity securities, international equity securities, preferred equity securities, and fixed income securities. The data within these feeds is 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 and preferred equities, warrants, options, rights, and 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. 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 include back testing the prices realized in subsequent trades of these fair valued securities to fair values previously recognized.

Derivative Financial Instruments. The Fund may engage in various portfolio investment strategies by investing in a number of derivative financial instruments for the purposes of hedging against changes in the value of its portfolio securities and in the value of securities it intends to purchase or hedging against a specific transaction with respect to either the currency in which the transaction is denominated or another currency. Investing in certain derivative financial instruments, including participation in the options, futures, or swap markets, entails certain execution, liquidity, hedging, tax, and securities, interest, credit, or currency market risks. Losses may arise if the Adviser’s prediction of movements in the direction of the securities, foreign currency, and interest rate markets is inaccurate. Losses may also arise if the counterparty does not perform its duties under a contract, or that, in the event of default, the Fund may be delayed in or prevented from obtaining payments or other contractual remedies owed to it under derivative contracts. The creditworthiness of the counterparties is closely monitored in order to minimize these risks. Participation in derivative transactions involves investment risks, transaction costs, and potential losses to which the Fund would not be subject absent the use of these strategies. The consequences of these risks, transaction costs, and losses may have a negative impact on the Fund’s ability to pay distributions.

The Fund’s derivative contracts held at June 30, 2012, if any, are not accounted for as hedging instruments under GAAP and are disclosed in the Schedule of Investments together with the related counterparty.

Forward Foreign Exchange Contracts. The Fund may engage in forward foreign exchange contracts for the purpose of hedging a specific transaction with respect to either the currency in which the transaction is denominated or another currency as deemed appropriate by the Adviser. Forward foreign exchange contracts are valued at the forward rate and are marked-to-market daily. The change in market value is included in unrealized appreciation/depreciation on investments and foreign currency translations. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

11

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

The use of forward foreign exchange contracts does not eliminate fluctuations in the underlying prices of the Fund’s portfolio securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. During June 30, 2012, the Fund held no investments in forward foreign exchange contracts.

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 illiquid. Illiquid securities include securities the disposition of which 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 as of June 30, 2012, refer to the Schedule of Investments.

Securities Transactions and Investment Income. Securities transactions are accounted for on the trade date with realized gain or loss on investments determined by using the identified cost method. Interest income (including amortization of premium and accretion of discount) is recorded on the accrual basis. Premiums and discounts

12

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

on debt securities are amortized using the effective yield to maturity method. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities that are recorded as soon after the ex-dividend date as the Fund becomes aware of such dividends.

Determination of Net Asset Value and Calculation of Expenses. Certain administrative expenses are common to, and allocated among, various affiliated funds. Such allocations are made on the basis of each fund’s average net assets or other criteria directly affecting the expenses as determined by the Adviser pursuant to procedures established by the Board.

In calculating the NAV per share of each class, investment income, realized and unrealized gains and losses, redemption fees, and expenses other than class specific expenses are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day. Distribution expenses are borne solely by the class incurring the expense.

Custodian Fee Credits and Interest Expense. When cash balances are maintained in the custody account, the Fund receives credits which are used to offset custodian fees. The gross expenses paid under the custody arrangement are included in custodian fees in the Statement of Operations with the corresponding expense offset, if any, shown as “Custodian fee credits.” When cash balances are overdrawn, the Fund is charged an overdraft fee equal to 2.00% above the federal funds rate on outstanding balances. This amount, if any, would be included in the Statement of Operations.

Distributions to Shareholders. Distributions to shareholders are recorded on the ex-dividend date. Distributions to shareholders are based on income and capital gains as determined in accordance with federal income tax regulations, which may differ from income and capital gains as determined under GAAP. These differences are primarily due to differing treatments of income and gains on passive foreign investment companies and other investment securities and foreign currency transactions held by the Fund, timing differences, and differing characterizations of distributions made by the Fund. Distributions from net investment income for federal income tax purposes include net realized gains on foreign currency transactions. These book/tax differences are either temporary or permanent in nature. To the extent these differences are permanent, adjustments are made to the appropriate capital accounts in the period when the differences arise. These reclassifications have no impact on the NAV of the Fund.

The tax character of distributions paid during the year ended December 31, 2011 was as follows:

Distributions paid from:
Net long-term capital gains	$	93,133,263
Total distributions paid	$	93,133,263

Provision for Income Taxes. The Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). It is the policy of the Fund to comply with the requirements of the Code applicable to regulated investment companies and to distribute substantially all of its net investment company taxable income and net capital gains. Therefore, no provision for federal income taxes is required.

Under the Regulated Investment Company Modernization Act of 2010, the Fund will be permitted to carry forward for an unlimited period capital losses incurred in years beginning after December 22, 2010. As a result

13

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

of the rule, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law.

The following summarizes the tax cost of investments and the related net unrealized appreciation at June 30, 2012:

	Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation			Net Unrealized Appreciation
Investments	$263,210,652	$157,431,197	$	(31,370,595	)	$126,060,602

The Fund is required to evaluate tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed not to meet the more-likely-than-not threshold. For the six months ended June 30, 2012, the Fund did not incur any income tax, interest, or penalties. As of June 30, 2012, the Adviser has reviewed all open tax years and concluded that there was no impact to the Fund’s net assets or results of operations. Tax years ended December 31, 2008 through December 31, 2011 remain subject to examination by the Internal Revenue Service and state taxing authorities. On an ongoing basis, the Adviser will monitor the Fund’s tax positions to determine if adjustments to this conclusion are necessary.

3. Investment Advisory Agreement and Other Transactions. The Fund has entered into an investment advisory agreement (the “Advisory Agreement”) with the Adviser which provides that the Fund will pay the Adviser a fee, computed daily and paid monthly, at the annual rate of 1.00% of the value of its average daily net assets. In accordance with the Advisory Agreement, the Adviser provides a continuous investment program for the Fund’s portfolio, oversees the administration of all aspects of the Fund’s business and affairs, and pays the compensation of all Officers and Directors of the Fund who are affiliated persons of the Adviser.

The Fund pays each Director who is not considered to be an affiliated person an annual retainer of $9,000 plus $2,000 for each Board meeting attended. Each Director is reimbursed by the Fund for any out of pocket expenses incurred in attending meetings. All Board committee members receive $500 per meeting attended and the Chairman of the Audit Committee and the Lead Director each receive a $2,000 annual fee. A Director may receive a single meeting fee, allocated among the participating funds, for participation in certain meetings held on behalf of multiple funds. Directors who are directors or employees of the Adviser or an affiliated company receive no compensation or expense reimbursement from the Fund.

4. Distribution Plan. The Fund’s Board has adopted a distribution plan (the “Plan”) for each class of shares, except for Class I Shares, pursuant to Rule 12b-1 under the 1940 Act. Under the Class AAA, Class A, Class B, and Class C Share Plans, payments are authorized to G.distributors, LLC (the “Distributor”), an affiliate of the Fund at annual rates of 0.25%, 0.25%, 1.00%, and 1.00%, respectively, of the average daily net assets of those classes, the annual limitations under each Plan. Such payments are accrued daily and paid monthly.

5. Portfolio Securities. Purchases and sales of securities during the six months ended June 30, 2012, other than short-term securities and U.S. Government obligations, aggregated $7,595,380 and $36,944,272, respectively.

14

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

6. Transactions with Affiliates. During the six months ended June 30, 2012, the Distributor retained a total of $20,576 from investors representing commissions (sales charges and underwriting fees) on sales and redemptions of Fund shares.

The cost of calculating the Fund’s NAV per share is a Fund expense pursuant to the Advisory Agreement. During the six months ended June 30, 2012, the Fund paid or accrued $22,500 to the Adviser in connection with the cost of computing the Fund’s NAV.

7. Line of Credit. The Fund participates in an unsecured line of credit of up to $75,000,000 under which it may borrow up to 10% of its net assets from the custodian for temporary borrowing purposes. Borrowings under this arrangement bear interest at the higher of the sum of the LIBOR rate plus 125 basis points or the sum of the federal funds rate plus 125 basis points at the time of borrowing. This amount, if any, would be included in “interest expense” in the Statement of Operations. At June 30, 2012 borrowings outstanding under the line of credit amounted to $47,000.

The average daily amount of borrowings outstanding under the line of credit during the six months ended June 30, 2012 was $2,602,775 with a weighted average interest rate of 1.30%. The maximum amount borrowed at any time during the six months ended June 30, 2012 was $12,731,000.

8. Capital Stock. The Fund offers five classes of shares — Class AAA Shares, Class A Shares, Class B Shares, Class C Shares, and Class I Shares. Class AAA Shares are offered without a sales charge only to investors who acquire them directly from the Distributor, through selected broker/dealers, or the transfer agent. Class I Shares are offered without a sales charge, solely to certain institutions, directly through the Distributor or brokers that have entered into selling agreements specifically with respect to Class I Shares. Class A Shares are subject to a maximum front-end sales charge of 5.75%. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) upon redemption within six years of purchase and automatically convert to Class A Shares approximately eight years after the original purchase. The applicable Class B CDSC is equal to a percentage declining from 5% of the lesser of the NAV per share at the date of the original purchase or at the date of redemption, based on the length of time held. Class C Shares are subject to a 1.00% CDSC for one year after purchase. Class B Shares are available only through exchange of Class B Shares of other funds distributed by the Distributor.

The Fund imposes a redemption fee of 2.00% on all classes of shares that are redeemed or exchanged on or before the seventh day after the date of a purchase. The redemption fee is deducted from the proceeds otherwise payable to the redeeming shareholders and is retained by the Fund as an increase in paid-in capital. The redemption fees retained by the Fund during the six months ended June 30, 2012 and the year ended December 31, 2011 amounted to $(6,146) and $23,048, respectively.

15

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

Transactions in shares of capital stock were as follows:

	For the Six Months Ended June 30, 2012 (Unaudited)						Year Ended December 31, 2011
	Shares			Amount			Shares			Amount
Class AAA
Shares sold		1,341,474		$	31,716,919			3,075,523		$	102,558,257
Shares issued upon reinvestment of distributions		—			—			3,346,173			76,995,444
Shares redeemed		(2,506,021	)		(58,193,537	)		(8,539,164	)		(280,062,502	)
Net decrease		(1,164,547	)	$	(26,476,618	)		(2,117,468	)	$	(100,508,801	)
Class A
Shares sold		150,105		$	3,648,815			876,344		$	29,915,506
Shares issued upon reinvestment of distributions		—			—			118,908			2,736,087
Shares redeemed		(167,061	)		(3,980,677	)		(567,808	)		(18,840,016	)
Net increase/(decrease)		(16,956	)	$	(331,862	)		427,444		$	13,811,577
Class B
Shares issued upon reinvestment of distributions		—			—			1,071		$	23,837
Shares redeemed		(4,109	)	$	(94,760	)		(21,132	)		(701,233	)
Net decrease		(4,109	)	$	(94,760	)		(20,061	)	$	(677,396	)
Class C
Shares sold		118,734		$	2,784,644			241,417		$	7,624,148
Shares issued upon reinvestment of distributions		—			—			106,622			2,351,001
Shares redeemed		(90,768	)		(1,987,879	)		(216,186	)		(6,830,908	)
Net increase		27,966		$	796,765			131,853		$	3,144,241
Class I
Shares sold		549,748		$	13,274,546			453,329		$	15,315,791
Shares issued upon reinvestment of distributions		—			—			167,473			3,885,367
Shares redeemed		(226,248	)		(5,350,632	)		(380,449	)		(11,516,605	)
Net increase		323,500		$	7,923,914			240,353		$	7,684,553

9. Indemnifications. The Fund enters into contracts that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

10. Other Matters. On April 24, 2008, the Adviser entered into a settlement with the SEC to resolve an inquiry regarding prior frequent trading in shares of the GAMCO Global Growth Fund (the “Global Growth Fund”) by one investor who was banned from the Global Growth Fund in August 2002. Under the terms of the settlement, the Adviser, without admitting or denying the SEC’s findings and allegations, paid $16 million (which included a $5 million civil monetary penalty). On the same day, the SEC filed a civil action in the U.S. District Court for the Southern District of New York against the Executive Vice President and Chief Operating Officer of the Adviser, alleging violations of certain federal securities laws arising from the same matter. The officer, who also is an officer of the Global Growth Fund and other funds in the Gabelli/GAMCO complex, including this Fund, denies the allegations and is continuing in his positions with the Adviser and the funds. The settlement by the Adviser did not have, and the resolution of the action against the officer is not expected to have, a material adverse impact on the Adviser or its ability to fulfill its obligations under the Advisory Agreement.

16

Gabelli Gold Fund, Inc.

Notes to Financial Statements (Unaudited) (Continued)

11. Subsequent Events. Management has evaluated the impact on the Fund of all subsequent events occurring through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

17

Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited)

Section 15(c) of the Investment Company Act of 1940, as amended (the “1940 Act”), contemplates that the Board of Directors (the “Board”) of the Fund, including a majority of the Directors who have no direct or indirect interest in the investment advisory agreement and are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Board Members”), are required annually to review and re-approve the terms of the Fund’s existing investment advisory agreement and approve any newly proposed terms therein. In this regard, the Board reviewed and re-approved, during the most recent six month period covered by this report, the Investment Advisory Agreement (the “Advisory Agreement”) with Gabelli Funds, LLC (the “Adviser”) for the Fund.

More specifically, at a meeting held on February 28, 2012, the Board, including the Independent Board Members, considered the factors and reached the conclusions described below relating to the selection of the Adviser and the re-approval of the Advisory Agreement.

1)  The nature, extent, and quality of services provided by the Adviser.

 The Board reviewed in detail the nature and extent of the services provided by the Adviser under the Advisory Agreement and the quality of those services over the past year. The Board noted that these services included managing the investment program of the Fund, including the purchase and sale of portfolio securities, as well as the provision of general corporate services. The Board considered that the Adviser also provided, at its expense, office facilities for use by the Fund and supervisory personnel responsible for supervising the performance of administrative, accounting, and related services for the Fund, including monitoring to assure compliance with stated investment policies and restrictions under the 1940 Act and related securities regulation. The Board noted that, in addition to managing the investment program for the Fund, the Adviser provided certain non-advisory and compliance services, including services for the Fund’s Rule 38a-1 compliance program.

 The Board also considered that the Adviser paid for all compensation of officers and Board Members of the Fund that are affiliated with the Adviser and that the Adviser further provided services to shareholders of the Fund who had invested through various programs offered by third party financial intermediaries (“Participating Organizations”). The Board evaluated these factors based on its direct experience with the Adviser and in consultation with Fund Counsel. The Board noted that the Adviser had engaged, at its expense, BNY to assist it in performing certain of its administrative functions. The Board concluded that the nature and extent of the services provided was reasonable and appropriate in relation to the advisory fee, that the level of services provided by the Adviser, either directly or through BNY, had not diminished over the past year, and that the quality of service continued to be high.

 The Board reviewed the personnel responsible for providing services to the Fund and concluded, based on their experience and interaction with the Adviser, that (i) the Adviser was able to retain quality personnel, (ii) the Adviser and its agents exhibited a high level of diligence and attention to detail in carrying out their advisory and administrative responsibilities under the Advisory Agreement, (iii) the Adviser was responsive to requests of the Board, (iv) the scope and depth of the Adviser’s resources was adequate, and (v) the Adviser had kept the Board apprised of developments relating to the Fund and the industry in general. The Board also focused on the Adviser’s reputation and long standing relationship with the Fund. The Board also believed that the Adviser had devoted substantial resources and made substantial commitments to address new regulatory compliance requirements applicable to the Fund.

18

Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

2)  The performance of the Fund and the Adviser.

 The Board reviewed the investment performance of the Fund, on an absolute basis, as compared with its Lipper peer group of other SEC registered funds, and against the Fund’s broad based securities market benchmark as reflected in the Fund’s prospectus and annual report. The Board considered the Fund’s one, three, five, and ten year average annual total return for the periods ended December 31, 2011, but placed greater emphasis on the Fund’s longer term performance. The peer group considered by the Board was developed by Lipper and was comprised of other precious metals funds (the “Performance Peer Group”). The Board considered these comparisons helpful in their assessment as to whether the Adviser was obtaining for the Fund’s shareholders the total return performance that was available in the marketplace, given the Fund’s objectives, strategies, limitations, and restrictions. In reviewing the performance of the Fund, the Board noted that the Fund’s performance was above the median for the one year period, and below the median for the three year, five year, and ten year periods. The Board concluded that the Fund’s performance was reasonable in comparison with that of the Performance Peer Group.

 In connection with its assessment of the performance of the Adviser, the Board considered the Adviser’s financial condition and whether it had the resources necessary to continue to carry out its functions under the Advisory Agreement. The Board concluded that the Adviser had the financial resources necessary to continue to perform its obligations under the Advisory Agreement and to continue to provide the high quality services that it has provided to the Fund to date.

3.  The cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund.

 In connection with the Board’s consideration of the cost of the advisory services and the profits to the Adviser and its affiliates from the relationship with the Fund, the Board considered a number of factors. First, the Board compared the level of the advisory fee for the Fund against comparative Lipper expense peer group (“Expense Peer Group”). The Board also considered a comparative non-management fee expenses and comparative total fund expenses of the Fund and the Expense Peer Group. The Board Members considered this information as useful in assessing whether the Adviser was providing services at a cost that was competitive with other similar funds. In assessing this information, the Board considered both the comparative contract rates as well as the level of advisory fees after waivers and/or reimbursements, with respect to the Expense Peer Group. The Board noted that the Fund’s advisory fee and expense ratio were higher than average when compared with those of the Expense Peer Group.

 The Board also reviewed the fees charged by the Adviser to provide similar advisory services to other registered investment companies or accounts with similar investment objectives, noting that the fees charged by the Adviser were the same or lower than the fees charged to the Fund.

 The Board also considered an analysis prepared by the Adviser of the estimated profitability to the Adviser of its relationship with the Fund and reviewed with the Adviser its cost allocation methodology in connection with its profitability. In this regard, the Board reviewed Pro-forma Income Statements of the Adviser for the year ended December 31, 2011. The Board considered one analysis for the Adviser as a whole, and a second analysis for the Adviser with respect to the Fund. With respect to the Fund analysis, the Board received an analysis based on the Fund’s average net assets during the period as well as a pro-forma analysis of profitability at higher and lower asset levels. The Board concluded that the profitability of the Fund to the Adviser under either analysis was not excessive.

19

Gabelli Gold Fund, Inc.

Board Consideration and Re-Approval of Investment Advisory Agreements (Unaudited) (Continued)

4)  The extent to which economies of scale will be realized as the Fund grows and whether fee levels reflect those economies of scale.

 With respect to the Board’s consideration of economies of scale, the Board discussed whether economies of scale would be realized by the Fund at higher asset levels. The Board also reviewed data from the Expense Peer Group to assess whether the Expense Peer Group funds had advisory fee breakpoints and, if so, at what asset levels. The Board also assessed whether certain of the Adviser’s costs would increase if asset levels rise. The Board noted the Fund’s current size and concluded that under foreseeable conditions, they were unable to assess at this time whether economies of scale would be realized if the Fund were to experience significant asset growth. In the event there were to be significant asset growth in the Fund, the Board determined to reassess whether the advisory fee appropriately took into account any economies of scale that had been realized as a result of that growth.

5)  Other Factors.

 In addition to the above factors, the Board also discussed other benefits received by the Adviser from their management of the Fund. The Board considered that the Adviser does use soft dollars in connection with its management of the Fund.

 Based on a consideration of all these factors in their totality, the Board, including all of the Independent Board Members, determined that the Fund’s advisory fee was fair and reasonable with respect to the quality of services provided and in light of the other factors described above that the Board deemed relevant. Accordingly, the Board determined to approve the continuation of the Fund’s Advisory Agreement. The Board based their decision on evaluations of all these factors as a whole and did not consider any one factor as all important or controlling.

20

Gabelli/GAMCO Funds and Your Personal Privacy.

Who are we?

The Gabelli/GAMCO Funds are investment companies registered with the Securities and Exchange Commission under the Investment Company Act of 1940. We are managed by Gabelli Funds, LLC, which is affiliated with GAMCO Investors, Inc. GAMCO Investors, Inc. is a publicly held company that has subsidiaries that provide investment advisory or brokerage services for a variety of clients.

What kind of non-public information do we collect about you if you become a fund shareholder?

If you apply to open an account directly with us, you will be giving us some non-public information about yourself. The non-public information we collect about you is:

•    Information you give us on your application form. This could include your name, address, telephone number, social security number, bank account number, and other information.

•    Information about your transactions with us, any transactions with our affiliates, and transactions with the entities we hire to provide services to you. This would include information about the shares that you buy or redeem. If we hire someone else to provide services — like a transfer agent — we will also have information about the transactions that you conduct through them.

What information do we disclose and to whom do we disclose it?

We do not disclose any non-public personal information about our customers or former customers to anyone other than our affiliates, our service providers who need to know such information, and as otherwise permitted by law. If you want to find out what the law permits, you can read the privacy rules adopted by the Securities and Exchange Commission. They are in volume 17 of the Code of Federal Regulations, Part 248. The Commission often posts information about its regulations on its website, www.sec.gov.

What do we do to protect your personal information?

We restrict access to non-public personal information about you to the people who need to know that information in order to provide services to you or the fund and to ensure that we are complying with the laws governing the securities business. We maintain physical, electronic, and procedural safeguards to keep your personal information confidential.

GABELLI/GAMCO FAMILY OF FUNDS

VALUE

Gabelli Asset Fund

Seeks to invest primarily in a diversified portfolio of common stocks selling at significant discounts to their private market value. The Fund’s primary objective is growth of capital.

(Multiclass) Team Managed

Gabelli Dividend Growth Fund (formerly Gabelli Blue Chip Value Fund)

Seeks to invest at least 80% of its net assets in dividend paying stocks. (Multiclass)

Portfolio Manager: Barbara G. Marcin, CFA

GAMCO Westwood Equity Fund

Seeks to invest primarily in the common stock of well seasoned companies that have recently reported positive earnings surprises and are trading below Westwood’s proprietary growth rate estimates. The Fund’s primary objective is capital appreciation.

(Multiclass) Team Managed

FOCUSED VALUE

Gabelli Focus Five Fund (formerly Gabelli Woodland Small Cap Value Fund)

Seeks to invest up to 50% of its net assets in the equity securities of five companies with the remaining net assets invested in ten to twenty other companies or in short-term high grade investments or cash and cash equivalents.

(Multiclass) Team Managed

Gabelli Value Fund

Seeks to invest in securities of companies believed to be undervalued. The Fund’s primary objective is long-term capital appreciation.

(Multiclass) Team Managed

SMALL CAP

Gabelli Small Cap Growth Fund

Seeks to invest primarily in common stock of smaller companies (market capitalizations at the time of investment of $2 billion or less) believed to have rapid revenue and earnings growth potential. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood SmallCap Equity Fund

Seeks to invest primarily in smaller capitalization equity securities – market caps of $2.5 billion or less. The Fund’s primary objective is long-term capital appreciation.

(Multiclass) Portfolio Manager: Nicholas F. Galluccio

GROWTH

GAMCO Growth Fund

Seeks to invest primarily in large cap stocks believed to have favorable, yet undervalued, prospects for earnings growth. The Fund’s primary objective is capital appreciation.

(Multiclass) Portfolio Manager: Howard F. Ward, CFA

GAMCO International Growth Fund

Seeks to invest in the equity securities of foreign issuers with long-term capital appreciation potential. The Fund offers investors global diversification.

(Multiclass) Portfolio Manager: Caesar Bryan

AGGRESSIVE GROWTH

GAMCO Global Growth Fund

Seeks capital appreciation through a disciplined investment program focusing on the globalization and interactivity of the world’s marketplace. The Fund invests in companies at the forefront of accelerated growth. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

MICRO-CAP

GAMCO Westwood Mighty Mites^SM Fund

Seeks to invest in micro-cap companies that have market capitalizations of $500 million or less. The Fund’s primary objective is long-term capital appreciation. (Multiclass)

Team Managed

EQUITY INCOME

Gabelli Equity Income Fund

Seeks to invest primarily in equity securities with above average market yields. The Fund pays monthly distributions and seeks a high level of total return with an emphasis on income. (Multiclass) Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Westwood Balanced Fund

Seeks to invest in a balanced and diversified portfolio of stocks and bonds. The Fund’s primary objective is both capital appreciation and current income. (Multiclass)

Team Managed

GAMCO Westwood Income Fund

Seeks to provide a high level of current income as well as long-term capital appreciation by investing in income producing equity and fixed income securities. (Multiclass)

Portfolio Manager: Barbara G. Marcin, CFA

SPECIALTY EQUITY

GAMCO Vertumnus Fund

Seeks to invest principally in common stock and convertible securities of domestic and foreign companies. The Fund’s primary objective is total return through a combination of current income and capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

GAMCO Global Opportunity Fund

Seeks to invest in common stock of companies which have rapid growth in revenues and earnings and potential for above average capital appreciation or are undervalued. The Fund’s primary objective is capital appreciation. (Multiclass)

Team Managed

Gabelli SRI Green Fund

Seeks to invest in common and preferred stocks meeting guidelines for social responsibility (avoiding defense contractors and manufacturers of alcohol, abortifacients, gaming, and tobacco products) and sustainability (companies engaged in climate change, energy security and independence, natural resource shortages, organic living, and urbanization). The Fund’s primary objective is capital appreciation.

(Multiclass) Team Managed

SECTOR

GAMCO Global Telecommunications Fund

Seeks to invest in telecommunications companies throughout the world – targeting undervalued companies with strong earnings and cash flow dynamics. The Fund’s primary objective is capital appreciation. (Multiclass)Team Managed

Gabelli Gold Fund (formerly GAMCO Gold Fund)

Seeks to invest in a global portfolio of equity securities of gold mining and related companies. The Fund’s objective is long-term capital appreciation. Investment in gold stocks is considered speculative and is affected by a variety of worldwide economic, financial, and political factors.

(Multiclass) Portfolio Manager: Caesar Bryan

Gabelli Utilities Fund

Seeks to provide a high level of total return through a combination of capital appreciation and current income.

(Multiclass) Portfolio Manager: Mario J. Gabelli, CFA

MERGER AND ARBITRAGE

Gabelli ABC Fund

Seeks to invest in securities with attractive opportunities for appreciation or investment income. The Fund’s primary objective is total return in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Mario J. Gabelli, CFA

Gabelli Enterprise Mergers and Acquisitions Fund

Seeks to invest in securities believed to be likely acquisition targets within 12–18 months or in arbitrage transactions of publicly announced mergers or other corporate reorganizations. The Fund’s primary objective is capital appreciation. (Multiclass)

Portfolio Manager: Mario J. Gabelli, CFA

CONTRARIAN

GAMCO Mathers Fund

Seeks long-term capital appreciation in various market conditions without excessive risk of capital loss. (No-load)

Portfolio Manager: Henry Van der Eb, CFA

Comstock Capital Value Fund

Seeks capital appreciation and current income. The Fund may use either long or short positions to achieve its objective.

(Multiclass) Portfolio Managers: Charles L. Minter

Martin Weiner, CFA

FIXED INCOME

GAMCO Westwood Intermediate Bond Fund

Seeks to invest in a diversified portfolio of bonds with various maturities. The Fund’s primary objective is total return.

(Multiclass) Portfolio Manager: Mark R. Freeman, CFA

CASH MANAGEMENT-MONEY MARKET

Gabelli U.S. Treasury Money Market Fund

Seeks to invest exclusively in short-term U.S. Treasury securities. The Fund’s primary objective is to provide high current income consistent with the preservation of principal and liquidity. (No-load)

Co-Portfolio Managers: Judith A. Raneri

Ronald S. Eaker

An investment in the above Money Market Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Funds may invest in foreign securities which involve risks not ordinarily associated with investments in domestic issues, including currency fluctuation, economic, and political risks.

To receive a prospectus, call 800-GABELLI (800-422-3554). Investors should carefully consider the investment objectives, risks, charges, and expenses of a fund before investing. The prospectus contains more information about these and other matters and should be read carefully before investing. Distributed by G.distributors, LLC, One Corporate Center, Rye, NY 10580.

This page was intentionally left blank.

Gabelli Gold Fund, Inc.

One Corporate Center

Rye, New York 10580-1422

800-GABELLI

800-422-3554

fax: 914-921-5118

website: www.gabelli.com

e-mail: info@gabelli.com

Net Asset Value per share available daily by calling

800-GABELLI after 7:00 P.M.

Board of Directors

Mario J. Gabelli, CFA	Anthonie C. van Ekris
Chairman and Chief Executive Officer,	Chairman, BALMAC International, Inc.
GAMCO Investors, Inc.
E. Val Cerutti	Salvatore J. Zizza
Chief Executive Officer,	Chairman,
Cerutti Consultants, Inc.	Zizza & Associates Corp.
Anthony J. Colavita	Daniel E. Zucchi
President,	President,
Anthony J. Colavita, P.C.	Daniel E. Zucchi Associates
Werner J. Roeder, MD
Medical Director,
Lawrence Hospital
Officers and Portfolio Manager
Caesar Bryan	Bruce N. Alpert
Portfolio Manager	President, Secretary, and
	Acting Chief Compliance
Agnes Mullady	Officer
Treasurer
Distributor G.distributors, LLC Custodian, Transfer Agent, and Dividend Disbursing Agent State Street Bank and Trust Company Legal Counsel Paul Hasting LLP
This report is submitted for the general information of the shareholders of Gabelli Gold Fund, Inc. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

GAB008Q212SR

Gabelli

Gold

Fund,

Inc.

SEMIANNUAL REPORT

JUNE 30, 2012

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed registrants.

Not applicable.

Item 6. Investments.

(a) Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s Board of Directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not applicable.

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

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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.

(registrant)                 Gabelli Gold Fund, Inc. (formerly, GAMCO Gold Fund, Inc.)              

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date         9/7/12                                                                                                                             

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.

By (Signature and Title)*	/s/ Bruce N. Alpert
	Bruce N. Alpert, Principal Executive Officer

Date         9/7/12                                                                                                                             

By (Signature and Title)*	/s/ Agnes Mullady
	Agnes Mullady, Principal Financial Officer and Treasurer

Date         9/7/12                                                                                                                             

^* Print the name and title of each signing officer under his or her signature.