Overall, it’s been a pretty negative day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares so far this Monday. At the time of writing, the ASX 200 has lost around 0.46% of its value. Investors have probably been a little shocked by what happened with the US-listed SVB Financial Group (Silicon Valley Bank) over the weekend.

But when investors are spooked, one area that tends to perform well is gold.

As the classic ‘safe haven’ asset, gold prices tend to appreciate during events that dent investor confidence. And lo and behold, it is gold that is shining on the ASX today.

As my Fool colleague flagged this morning, gold prices charged 1.8% higher on the US markets on Friday night (our time), with the spot gold price climbing to over US$1,867 per ounce. Right now, the precious metal is asking more than US$1,876 per ounce.

This has predictably led to some gains with most ASX gold shares today. The ASX 200’s largest gold miner Newcrest Mining Ltd (ASX: NCM) has gained a healthy 3.79% so far this Monday.

Other gold shares are doing even better with Northern Star Resources Ltd (ASX: NST) up more than 6.64%, and Ramelius Resources Ltd (ASX: RMS) up more than 9.84%:

But let’s talk about two gold exchange-traded funds (ETFs) that have just hit new all-time record highs today.

Rising gold price lifts gold ETFs to new highs

The first is the VanEck Gold Bullion ETF (ASX: NUGG). This gold ETF represents an investment in gold bullion, backed by physical gold bars produced by Australian gold miners.

Units of this ETF have ballooned today. This ETF is currently up 1.76% at the time of writing to $28.38 per unit, but rose as high as $28.50 per unit earlier this morning. That’s a new record high.

The second is the Global X Physical Gold ETF (ASX: GOLD). This ETF functions in a similar manner to the VanEck Gold Bullion ETF, holding physical gold bullion on behalf of its investors.

The Physical Gold ETF has lifted by 2.1% at present to $26.27 per unit, but climbed as high as $26.49 earlier this morning – the fund’s new all-time high.

So it just goes to show that some ASX shares and ETFs can prosper on the back of bad news. That’s why many investors love gold and gold investments for their portfolios. Let’s see how the rest of the week treats these ETFs — we could well see even more fresh highs if gold continues to rally.

The post 2 ASX gold ETFs hitting record highs today appeared first on The Motley Fool Australia.

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SVB Financial provides credit and banking services to The Motley Fool. Motley Fool contributor Sebastian Bowen has positions in Newcrest Mining. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended SVB Financial. The Motley Fool Australia has recommended SVB Financial. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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