In 2022, we already saw a resurgence of gold when we analyzed how to invest in gold. In 2024 and 2025, this trend has consolidated. By the end of March 2025, the price of gold surpassed $3,080 per ounce, a new all-time high, rising 17% in these first months of the year.
Factors driving gold growth in 2025
Gold has historically been valued as a safe haven in times of uncertainty, but it has recently taken on a special role in the markets. In recent months, we have witnessed an unusual phenomenon: a massive flow of gold from Switzerland to the United States. In January 2025 alone, Switzerland exported nearly 200 tons of gold to the United States, an unprecedented level in the last decade. This gold, transported on commercial flights, has largely been destined for the vaults of the COMEX in New York and for banks such as JPMorgan and HSBC.
Analysts identify two main reasons.
First, price arbitrage: Gold on the New York futures exchange (COMEX) has traded at a premium of up to $30 per ounce to London, incentivizing banks and traders to move physical gold to sell it at a higher price.
Second, geopolitical uncertainty: US trade policies, with import tariffs and international trade tensions, have generated growing demand for gold as a safe haven asset. This increased demand has led global banks to withdraw gold from London and ship it to New York to ensure access to the metal in the event of regulatory or market changes.
In addition, analysts highlight other factors such as:
- Geopolitical uncertainty and persistent tensions in the Middle East and Asia.
- Monetary policy with interest rates still high, but with prospects for moderation.
- Sustained demand from central banks, especially in emerging markets.
- Renewed interest from institutional investors in the face of a possible economic slowdown.
Gold as a distinct asset class
Gold is a commodity, but it also behaves as a financial asset with unique properties—an asset class. It doesn’t generate cash flows like stocks or bonds, but its value generally remains stable over time and can offer protection in times of crisis. Throughout history, it has been used as a store of value by central banks, institutional investors, and individuals.
In the context of modern investment, gold is primarily used as a diversification asset. Its performance can differ from that of other traditional assets, allowing it to mitigate risks in a well-structured portfolio. However, its lack of productive profitability makes it less attractive for long-term accumulation strategies, where income generation is key. Some financial analysts support the inclusion of gold in portfolios, while others are completely against it.
How to invest in gold in 2025 via ETCs
In Europe, there are no index funds or ETFs that exclusively track the price of gold, as UCITS regulations require diversification and do not allow single-asset products. For this reason, gold is not available in traditional fund or ETF formats. However, there are alternatives: ETCs (Exchange Traded Commodities), exchange-traded products that allow you to invest in gold without physically owning it. These ETCs are issued by financial institutions and backed by physical gold, making them an efficient and accessible way to gain exposure to the golden metal without the hassle of having to store physical gold.
In the list above, we show some of the ETCs that we previously analyzed and expanded on.
Here we expand the analysis by presenting another way to gain high exposure to gold, keeping in mind that an individual investor may have limitations when investing directly in ETCs.
How to invest in gold in 2025 via gold miners
It is also possible to gain indirect exposure to gold by investing in the companies that mine it.
Gold mining companies have risen 35% through 2025, well above the 17% of gold they extract.
Despite this improved performance in 2025, gold miners are still lagging behind the rise in gold prices. It could be an interesting alternative way to gain exposure to gold if we can’t do so directly via ETCs.
The table above shows some UCITS ETFs sorted by volume; the first one is used in the chart because it is the largest.
Gold in inbestMe portfolios
We believe it makes little sense to invest only in gold.
As we’ve already mentioned, you’ll find financial analysts who favor including gold in investment portfolios and others who are completely against it.
Depending on the period chosen for analysis, we will see that gold has been a great diversifier: it was especially so during the Great Financial Crisis, but this is not always the case.
At inbestMe, we include exposure in ETF portfolios (via ETCs) but not in index fund portfolios or pension plan portfolios.
