Gold was the best performer among major asset classes in 2025, as geopolitical instability, central bank buying and worries about central bank independence lifted the yellow metal. The SPDR Gold Shares Exchange Traded Fund had gained about 64% this year as of Monday’s close. Other top performers include markets outside the U.S. with the MSCI All Country World ex-US advancing nearly 29%. The Invesco Nasdaq 100 rose about 21%. It was a tough year for crypto and crude oil. The iShares Bitcoin Trust ETF has lost nearly 7%, while the United States Crude Oil Fund is down about 8%. U.S. crude oil prices have fallen more than 18% in 2025 as a surplus looms with OPEC+ increasing production. Bitcoin, meanwhile, had sailed to an all-time high of about $126,000 in early October, fueled by a more favorable regulatory environment. But then a series of record liquidations of highly leveraged crypto positions rocked investors’ confidence in the risk-on asset this fall. As traders rotated out of more volatile assets amid economic uncertainty, the cryptocurrency’s gains for the year were wiped out. —CNBC’s Liz Napolitano contributed to this report.
