Xetra-Gold in Strong Demand in the First Half of the Year

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.

Further information can be found at www.xetra-gold.com.

About Xetra-Gold®

Xetra-Gold® (ISIN: DE000A0S9GB0) 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. The complete and legally binding information on the Xetra-Gold bearer bonds can be found in the key information document and the prospectus together with any supplements and the terms and conditions of issue. Investors can obtain these documents free of charge from Deutsche Börse Commodities GmbH, Mergenthalerallee 61, 65760 Eschborn, Germany, or download them from www.xetra-gold.com/downloads.

About Deutsche Börse Commodities GmbH

The Xetra-Gold Issuer Deutsche Börse Commodities GmbH with its registered office in Eschborn is a joint venture of B. Metzler seel. Sohn & Co. KGaA, Commerzbank Aktiengesellschaft, Deutsche Bank AG, Deutsche Börse AG, DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Umicore AG & Co. KG and Vontobel Beteiligungen AG. Umicore AG & Co. KG is a subsidiary of Umicore S.A., which operates several gold refineries worldwide and produces gold bars. The issuer's sole business purpose is to provide the market with the 100 percent gold backed Xetra-Gold bond and to enable efficient, transparent and cost-effective trading of this physical form of gold securitisation.

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Editorial note:
We kindly provide you with printable photos of Steffen Orben and Dr. Michael König.

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Andreas von Brevern
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