---
title: "Gold and silver funds will lead the commodity fund market in 2025"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/270796074.md"
description: "In 2025, the commodity fund market showed significant differentiation, with gold and silver funds performing outstandingly, yielding over 50%, especially silver funds which showed strong performance. Meanwhile, some energy and chemical funds faced a correction. Looking ahead to 2026, institutions hold an optimistic view on investment opportunities in gold and other metals"
datetime: "2025-12-25T14:48:13.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/270796074.md)
  - [en](https://longbridge.com/en/news/270796074.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/270796074.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/270796074.md) | [繁體中文](https://longbridge.com/zh-HK/news/270796074.md)


# Gold and silver funds will lead the commodity fund market in 2025

Every reporter: Huang Xiaocong Every editor: Zhao Yun

In 2025, global financial market volatility intensified, with multiple factors such as geopolitical games and monetary policy adjustments intertwining. However, the commodity fund market exhibited a differentiated and not lacking in highlights trend. Among them, gold and silver-related commodity funds (hereinafter referred to as gold and silver funds) became the annual "stars," with some even attracting market attention with astonishing returns of nearly doubling; meanwhile, some energy and chemical commodity funds faced adjustment pressure.

Visual China image

Recently, reporters from the "Daily Economic News" interviewed industry insiders to review the rise and fall trajectory of commodity funds in 2025 and analyze the core driving logic behind them. More importantly, looking ahead to 2026, which commodity funds are worth investing in? Do gold and silver funds still have "buy, buy, buy" investment value?

**2025 Review: Gold and Silver Funds Surge**

Wind data shows that since 2025 (as of December 19, the same below), the overall performance of commodity funds has presented a "two extremes" pattern—most products achieved positive returns, especially gold and silver funds, which performed particularly outstandingly, with more than 50 related funds (calculated separately by different share classes) achieving annual returns exceeding 50%, making them one of the most eye-catching sectors in the 2025 fund market.

Among them, the explosive power of silver funds is particularly strong. Over the past month, silver prices have continued to strengthen, successfully driving the performance of related funds to soar. The annual return rates of the A and C shares of China International Capital Corporation (CICC) Silver Futures have reached 98.27% and 97.52%, respectively, making them the "dark horse" products of the year.

However, while gold and silver funds are on a high note, the internal differentiation of commodity funds is also very obvious, with some products focusing on the energy and chemical sectors encountering significant adjustments. For example, the China Construction Bank Easy Prosperity Zhengzhou Commodity Exchange Energy and Chemical Futures ETF Connect has seen a decline of over 20% since 2025, contrasting sharply with the bright performance of precious metal commodity funds.

**2026 Outlook: Institutions Optimistic About Gold Trends**

For 2026, the market has engaged in intensive discussions and assessments of investment opportunities in commodity funds, with gold being generally favored by multiple institutions, while investment opportunities in silver, copper, and other non-ferrous and industrial metals are also receiving attention.

The Ant Investment Research Team's report "Wealth is Worth Reading" pointed out: maintaining a positive attitude towards the future trend of gold, while also paying attention to opportunities represented by non-ferrous metals such as silver and copper.

The team analyzed that "with gold at historically high levels, the market inevitably becomes more sensitive to negative factors, but after a real pullback, there is a demand logic supporting buying, which will amplify gold price fluctuations, and investors need to be cautious. Therefore, in the absence of further 'emotional and capital catalysts,' gold prices may consolidate within the existing range. Considering that gold is globally priced, from the perspective of mainstream overseas institutions, although there are differences in the amplitude of rise and fall rhythms, the overall direction remains bullish as the mainstream expectation for the year." CITIC Prudential Global Commodity Theme Fund Manager Gu Fanding stated, "In the current environment, the cost-performance ratio of gold allocation still surpasses that of silver and non-ferrous metals. The main reason is that gold possesses strong financial attributes, primarily serving as a 'credit hedging tool,' related to monetary credit, geopolitical risks, etc., and its trend is relatively independent of the economic cycle, making it more suitable as a long-term holding asset. The silver market is small and lacks liquidity, making prices susceptible to manipulation (such as short squeezes), resulting in severe volatility that is mostly short-term 'noise'; thus, the risks and returns of long-term holding may not align."

"The recent rise in non-ferrous metals (such as copper) is mainly based on demand expectations brought about by 'AI (artificial intelligence) infrastructure construction,' and the current prices already incorporate relatively optimistic capital expenditure assumptions. If in 2026, the Federal Reserve's interest rate cuts do not meet expectations, or if the progress of AI-related electricity and infrastructure investments slows down, non-ferrous metals may face significant price corrections. In summary, compared to silver and non-ferrous metals, which require precise timing, the allocation logic of gold is more independent and robust, making it a more suitable choice for long-term allocation, provided it matches one's risk tolerance," Gu Fanding further stated.

Additionally, some industry insiders believe that in 2026, the performance of different commodity categories will vary: industrial metals represented by copper and aluminum will benefit from the growth in electricity demand driven by AI development, as well as the demand expansion in fields like new energy storage, leading to a supply-demand mismatch, with market expectations generally optimistic; precious metals represented by gold and silver have recently shown strong performance, but whether they can continue to strengthen in 2026 will require close observation of the fluctuations in the Federal Reserve's interest rate cut cycle and the evolving trends in the international political and economic landscape; while other energy metals and crude oil are more closely linked to the overall global economic growth rate, thus maintaining a neutral stance on them.

**2026 Layout: Continuously Optimize Allocation Structure**

Based on the assessment of the commodity market in 2026, the industry generally believes that investors should adhere to a prudent investment philosophy, reasonably plan allocation ratios, and seize structural opportunities through scientific layout strategies while avoiding the risks of concentrated holdings in a single track.

The Yingmi Dongfang Goldsmith Advisory Team provided specific allocation suggestions. This advisory team expects that in 2026, the commodity market will present a structurally differentiated pattern, with significant opportunities for metals such as gold, copper, and aluminum. They advise investors not to overly concentrate on a single commodity track and to control the proportion of commodity funds in the overall portfolio, suggesting it should not exceed 10%.

The Ant Investment Research Team provided suggestions from a more macro asset allocation perspective. This research team emphasized that the current world environment is complex and ever-changing, with market volatility significantly heightened due to geopolitical changes. In this context, while segmented industry opportunities may be attractive, they still recommend adhering to the three-cross principle (cross-regional, cross-asset, cross-strategy), participating in a "core + opportunity" manner, while also emphasizing the optimization role of strategies like "dividends +, gold +, US stocks +, fixed income +" in the portfolio.

Some industry insiders indicated that based on their judgments of various commodity categories, they might consider industrial metals and gold as core holdings, as the development prospects for these types of products are clearer and their investment logic is more long-term. However, in the short term, they will also attempt to seize phase opportunities in energy metals and oil, although such holdings should be considered "satellite." The strategy serves to supplement returns rather than being a core allocation. This "core + satellite" allocation approach allows for locking in long-term stable returns through "core" holdings while capturing short-term elastic opportunities with "satellite" holdings, achieving a balance between risk and return.

For ordinary investors, in 2026, investing in commodity funds requires a balance of professionalism and risk control. For investors with lower risk tolerance, it is advisable to prioritize stable commodity funds focused on gold as an allocation direction. Meanwhile, investors with higher risk tolerance and certain professional analytical skills may pay attention to periodic opportunities in sectors such as non-ferrous metals and industrial metals, but must strictly control the proportion of holdings and plan for profit-taking and stop-loss measures.

Daily Economic News

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