A laboratory investigation was carried out to determine the distribution of gold between the products of lead-zinc concentrate smelting in the Imperial Smelting Furnace (ISF). Bullion, speiss and slag from the ISF at Cockle Creek were used as the starting materials to evaluate the effect of gold and copper content of products on the distribution of gold between phases under conditions simulating those in the ISF hearth. The ratio of gold in bullion to gold in speiss has a mean value of approximately 1.6 and is independent of the gold content of the bullion. The distribution coefficient of gold between bullion and speiss is dependent on the copper level in speiss and is lowered by increasing copper content in speiss. The ratio of gold in bullion to gold in slag is in the range 25 to 5700 and dependent on the gold content of the bullion. For low gold concentrations in bullion of the order of 1 g/t and a bullion to slag ratio of 1:3 the gold loss to slag is expected to be approx- imately 23%. In all tests the gold in slag remained low, in the range 0.05 to 0.5 ppm provided metal prills were not suspended in Slag.