What the… Gold exchange traded funds (ETFs) gained close to 1% in trading today, despite the fact that it was a good day. Why were investors turning to the traditionally rainy day metal in sunny skies?

On days where the markets are lower you often expect to see gold ETFs and other safe-haven tools trending lower. That hasn’t changed – gold is still a rainy day asset because it’s seen as a better store of value than equities and other commodities when times are tough, says Matt Day for The Wall Street Journal.

But today, gold moved higher along with other commodities, such as oil, silver, platinum and copper. Analysts suspect a little momentum behind the yellow metal’s price along with a general broad interest in commodities. [Our Latest Podcast: Metals ETFs.]

Gold continues to be one of the most popular investment metals, especially through the use of ETFs. But are the funds safe? By understanding the risks that can be associated with physically backed and futures-backed gold ETFs, investors can take the safest route possible.

Particular ETFs, such as SPDR Gold Shares (NYSEArca: GLD) have taken the metal into a category of its own. Don Dion for The Street explains that physically-backed ETFs are the way to invest in gold, with the most safety. iShares COMEX Gold Trust (NYSEArca: IAU) and ETFS Gold Trust (NYSEArca: SGOL) along with GLD, are the three primary physically-backed funds that give exposure to gold. [How to Choose the Right Gold ETF for You.]