Gold may be the best performing asset class of February but precious metals miners and sector-related exchange traded funds capitalized on the bullion rally.

The SPDR Gold Shares (NYSEArca: GLD) gained 9.4% over the past month, with Comex gold futures now trading around $1,234.2 per ounce.

Gold strengthened in February and is on course for its largest monthly gain since January 2012 as market volatility triggered greater safe-haven bets, reports Jenny Cosgrave for CNBC.

Investor demand for gold has also helped gold-related ETFs grow. Holdings in ETFs have increased tot he highest level in almost 17 months, attracting 3.9 tons of gold to 1,682.6 tons on Friday. GLD’s holdings have increased to around 762 tons as of Friday.

“Precious metals saw very large inflows over the last month as negative rates and the prospect of a more dovish (U.S. Federal Reserve) make this zero-income safe haven asset more attractive,” Ramin Nakisa, a strategist at UBS, told CNBC.

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