World’s largest gold ETF tops 12-month trading high as gold approaches $2,000/oz

As gold (XAUUSD:CUR) closes in on the $2,000/oz level, the world's largest spot gold exchange traded fund has jumped to a one-year trading high.

The SPDR Gold Shares (NYSEARCA:GLD), with its $57.98B assets under management, now trades near $186 per share, a level not seen since March 10 of 2022. GLD has climbed in last five months as the fund has rallied 23% since its November low. Moreover, GLD has advanced 8.5% during the month of March alone.

Mounting market uncertainty, fueled by concerns about Federal Reserve policy and the recent banking crisis, has driven investors towards traditional outlets of safety, like gold. During the month of March investors have poured $662.61M worth of capital into GLD.

Meanwhile, the ETF is not the only gold-related fund to see positive returns for the month. Other spot gold ETFs and gold mining ETFs have also shown significant strength.

Spot Gold Funds

For the month of March, the iShares Gold Trust ETF (NYSEARCA:IAU) gained 8.3% and the Aberdeen Standard Physical Gold Shares ETF (SGOL) moved up 8.4%.

Gold Miner ETFs

At the same time, shares of the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX) picked up 12.3%, VanEck Vectors Junior Gold Miners ETF (NYSEARCA:GDXJ) advanced by 9.8%, and the iShares MSCI Global Gold Miners ETF (RING) gained 11.7% in March.

In broader financial news, major market averages opened up trading on Friday to the downside after selling pressure ramped up on Deutsche Bank.

Now read: Gold On The Verge Of Massive Breakout (Technical Analysis)