The gold holdings of exchange-traded bearer bond Xetra-Gold reached a new high in the first half of 2026.

Driven by ongoing geopolitical uncertainties and a gold price at record levels, assets under custody reached €19.4 billion, corresponding to a gold holdings of 171 tons (for comparison: in mid-2025, assets under custody were €20.8 billion). The price of gold remains at its historic high, reaching a peak of €149 per gram in March.

“The ongoing gold price rally reflects gold’s long-term attractiveness as a hedge against market fluctuations and inflation,” says Steffen Orben, Managing Director of Deutsche Börse Commodities GmbH. “It is noteworthy that private investors are also increasingly recognizing the crucial role of gold in a diversified portfolio. Studies consistently recommend investing five to ten percent of the portfolio in gold to improve risk-adjusted returns and reduce volatility. This underlines the function of gold as an indispensable long-term asset, comparable to an insurance policy for wealth.”

Xetra-Gold offers an efficient and transparent way to invest in gold by combining the advantages of physical gold ownership with the easy tradability of a security on the stock exchange. Each individual share certificate corresponds to one gram of physical gold, which is safely stored in Germany. Profits from the sale after a holding period of one year are tax-free in Germany. Physical delivery of the gold is possible at any time on request.

In the first half of 2026, a total of 272.6 kilograms were delivered.

Xetra-Gold is a bearer bond issued by Deutsche Börse Commodities GmbH, 100 percent backed by gold, which securitizes a delivery claim to physical gold. Each individual Xetra-Gold note grants the investor the right to require the issuer to deliver one gram of gold. For Xetra-Gold notes, the Issuer maintains a corresponding amount of gold in physical form and, to a limited extent, in the form of book gold claims.

In the form of a security, Xetra-Gold is fungible and as easily transferable as a share.

In addition to Germany, Xetra-Gold is authorized for public distribution in Denmark, Finland, Luxembourg, the Netherlands, Norway, Austria, Sweden and the United Kingdom.