Gold has been one of the most interesting corners of the investment markets to watch recently. Whether it be raw bullion prices or the performance of gold exchange-traded funds (ETFs) on the ASX, these investments have been on a tear of late.

Take the gold price itself. At this point two years ago, one ounce of the yellow precious metal was asking just US$1,920. Today, that same ounce is worth around US$3,002, having just hit a new all-time record high this month. Until this March, we have never before seen gold command a price over US$3,000 an ounce.

It's not entirely clear why gold has surged so dramatically in recent years. We can probably put it down to a combination of inflation fears, geopolitical tensions, and concern about the future of the global economy. After all, gold is the traditional 'fear' asset and perceived ultimate safe haven for storing wealth.

So, how should ASX investors who want to gain some exposure to gold do so? Well, they can always buy physical gold bullion in bar or coin form. However, many investors would probably prefer to use exchange-traded funds.

ETFs are a great way to access gold investments. One can gain exposure to the price movements of gold using ETFs, but without the storage and insurance hassles that come with owning heavy bars of metal.

So here are three ASX ETFs that investors can use to make a bet on gold.

Three ETFs for ASX gold exposure

First up, we have the Global X Physical Gold ETF (ASX: GOLD). This ETF is a pure-play gold fund, with units representing ownership of physical gold bullion stored in a secure bank vault in London. GOLD units can be expected to move pretty much in tandem with the gold price itself, dominated in Australian dollar terms, of course. This gold ETF charges a management fee of 0.4% per annum.

However, if ASX investors wish to gain exposure to gold miners, not just the price of gold itself, then the BetaShares Global Gold Miners ETF (ASX: MNRS) might be a better fit. This ETF holds a portfolio of around 50 gold mining companies from all over the world. That's everything from Canadian giants like Franco-Nevada Corp to our own ASX-listed Newmont Corporation (ASX: NEM).

Some investors like the leveraged exposure to gold that these mining shares can offer. However, this is a higher-risk option, as gold miners, unlike bullion itself, can go bankrupt. Keep in mind that the share prices of gold miners don't always move in complete tandem with gold prices. MNRS charges a management fee of 0.57% per annum.

Diversifying with other precious metals?

A final fund worth considering for gold exposure is the Global X Physical Precious Metals Basket ETF (ASX: ETPMPM). This ASX gold ETF functions similarly to the GOLD ETF. However, instead of offering pure gold exposure, this fund mixes in exposure to other precious metals, specifically silver, palladium, and platinum. As it currently stands, 62.5% of ETPMPM's portfolio is allocated towards gold bullion. Another 21.1% is in physical silver bullion, with palladium and platinum making up 11% and 5.4%, respectively.

As gold's fellow precious metals, silver, platinum, and palladium prices often enjoy similar traits and appeals with gold. However, investors should note that these metals can also perform differently to the yellow metal, as each has industrial uses and demands that gold doesn't.

EPTMPM charges a management fee of 0.44% per annum.