ASX exchange-traded funds (ETFs) tracking physical gold or mining indices simply shot the lights out last year.
Their outstanding performance came on the back of a 65% rally in the gold price — its best year for growth since 1979.
And that was on top of a 27% gain in 2024.
The gold price reached a new record high of US$4,533 per ounce in December 2025.
That has since been surpassed at US$$4,642.58 this month.
The gold price has been on a tear since early 2024, driven by central banks buying the yellow metal.
Goldman Sachs Research analyst Lina Thomas said central banks have increased their gold purchases by fivefold since 2022.
The catalyst was Russia's foreign-currency reserves being frozen following its invasion of Ukraine.
Goldman Sachs says central banks hoarding gold is a long-term structural shift.
The banks see gold as a hedge amid waning confidence in the US dollar.
US tariffs and uncertainty over the US President's next moves on global trade and geopolitics have weighed on the US currency.
Central banks also see gold as a safe-haven investment amid increasingly volatile geopolitics.
Expectations of further interest rate cuts in the world's biggest economy continue to support the gold price.
Investors remain highly optimistic about gold, with particularly large inflows into gold ETFs worldwide in the second half of 2025.
Some gold ETFs invest in physical gold, while others invest in gold miners.
Here are two ASX gold mining ETFs that delivered triple-digit returns for investors last year.
Betashares Global Gold Miners Currency Hedged ETF (ASX: MNRS)
The MNRS ETF gave a total return of 149% in 2025.
MNRS seeks to mirror the performance of the Nasdaq Global ex-Australia Gold Miners Hedged AUD Index.
The MNRS ETF invests in 56 gold shares, with 44% in Canada, 14% in the US, 13% in South Africa, and 8% in Brazil.
Its largest holding is Newmont Corporation (NYSE: NEM), which is dual listed on the ASX as Newmont Corporation (ASX: NEM).
There are no other ASX gold shares in the fund.
This ASX ETF has total net assets of $262 million and a management fee of 0.57%.
VanEck Gold Miners AUD ETF (ASX: GDX)
The GDX ETF gave a total return of 139% in 2025.
The GDX ETF invests in 93 stocks, with 44% in Canada, 20% in the US, 11% in Australia, and 6% in China.
Its largest holding is also Newmont Corp shares.
It also holds Northern Star Resources Ltd (ASX: NST) shares at 2.7% of investments and Evolution Mining Ltd (ASX: EVN) at 2%.
This ETF has total net assets of $1.71 billion and a 0.53% fee.
