The gold holdings of the exchange-traded bearer bond Xetra-Gold amounted to 172.8 tons at the end of 2025 (previous year: 166.5 tons).

In the course of the year, the gold price increased significantly, but the inflows were less dynamic during this period. The price of a gram of gold increased to over €122 during the year and stood at €120.30 at the end of the year. Xetra-Gold’s assets under management rose to €20.8 billion, which corresponds to a significant increase compared to the previous year.

“The price of gold has reached new highs in 2025 – driven by geopolitical uncertainties and significant demand from central banks looking to hedge and reduce their dependence on the US dollar. Gold also remains an indispensable part of long-term wealth preservation for many investors. As our latest investment barometer shows, gold has become a top asset class, especially among young people,” said Dr. Michael König, Managing Director, Deutsche Börse Commodities GmbH.

Xetra-Gold is the world’s fifth largest gold ETC and Europe’s largest gold security with physical deposit. Each share certificate corresponds to exactly one gram of gold. Investors can also have the gold delivered. Since Xetra-Gold was introduced in 2007, 2,035 deliveries have been made, a total of around 8.3 tons.

Profits from the sale of Xetra-Gold are not subject to withholding tax after a minimum holding period of one year.

Xetra-Gold is issued by Deutsche Börse Commodities GmbH, a joint venture of Deutsche Börse Group and banking partners Commerzbank, Deutsche Bank, DZ Bank, B. Metzler seel. Sohn & Co. and the Swiss bank Vontobel. Gold producer Umicore is also involved.

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.