Xetra-Gold in Strong Demand in the First Half of the Year
News 08.07.2025
- Significant inflows since the beginning of the year
- Assets under custody rise to EUR 15.6 billion
- Gold price reaches new record
The gold holdings of the Xetra-Gold exchange-traded bearer bond (ISIN: DE000A0S9GB0) grew considerably in the first half of 2025. Assets under custody increased by 7.3 tons between January and June, reaching 173.8 tons by June 30.
The gold price has reached new highs during this period and was at €90.015 per gram as of June 30. Xetra-Gold's assets under custody have thus risen by around 16.4 percent in the last six months, to €15.6 billion.
"In times of economic uncertainty, the price of gold tends to behave in a fairly predictable way. In past crises, global demand for gold has risen, pushing up the price. For many investors, gold acts as insurance for their portfolios. Studies show that holding five to ten percent of gold can protect other asset classes, such as stocks and bonds, from losses," says Dr. Michael König, Managing Director of Deutsche Börse Commodities GmbH, issuer of Xetra-Gold.
Xetra-Gold is the largest physically-backed gold security in the euro area. The holdings grow when Xetra-Gold shares are purchased on the stock exchange, with one gram of gold deposited in the German central vault for each share certificate.
The share certificate can also be converted into physical gold at any time, which is then delivered to the custodian bank. Since the introduction of Xetra-Gold in 2007, a total of 1,934 tons has been delivered, equivalent to around 8.2 tons. In the first half of 2025, 122 kilograms of gold were delivered in 61 deliveries.
When it is sold, Xetra-Gold is treated for tax purposes in the same way as the sale of physical gold. This was decided by the Federal Fiscal Court in 2015. Profits from the sale of Xetra-Gold are therefore 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 the banking partners Commerzbank, Deutsche Bank, DZ Bank, B. Metzler seel. Sohn & Co. and the Swiss bank Vontobel. The gold producer Umicore is also involved.
