The four exchange-traded funds backed by the metal that have attracted the most money this year are all based in Western Europe. Frankfurt-listed Xetra-Gold tops the list, bringing in about $544 million last week, the biggest weekly inflow since at least 2012, according to data compiled by Bloomberg.

European investors are piling into gold, fueling the metal’s rebound, amid concern that Trump’s "America first" rhetoric and plans to scrap regional trade deals will impede global economic growth. Adding to the anxiety is the impact from Britain’s exit from the European Union and the growing popularity of anti-establishment politicians running in this year’s elections in Germany, France and the Netherlands.