Does Fidelity Have a Fund That Invests in Gold?

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Yes, Fidelity offers several ways to invest in gold, ranging from a dedicated gold fund to broader commodity funds that hold gold as a major position.

The options vary by structure, cost, and how directly they track the metal's price, so the right choice depends on what you're actually trying to do with your portfolio.

Key Takeaways

• Fidelity's primary gold-focused fund is the Fidelity Select Gold Portfolio (FSAGX), which invests mainly in gold mining stocks rather than physical gold.
• Investors who want direct gold price exposure through Fidelity can access gold ETFs like iShares Gold Trust (IAU) or SPDR Gold Shares (GLD) through the Fidelity brokerage platform.
• FSAGX carries a higher expense ratio than most passive gold ETFs, which matters over long holding periods.

Fidelity Select Gold Portfolio (FSAGX)

FSAGX is Fidelity's flagship gold fund. Launched in 1985, it falls under the company's "Select" sector fund lineup, which targets specific industries rather than the broad market.

The fund typically puts at least 80% of its assets into securities of companies principally engaged in gold-related activities, including mining, processing, and distribution.

A few numbers worth knowing before you buy:

• Expense ratio: approximately 0.79% annually
• The fund does not hold physical gold bars or bullion directly
• Top holdings have historically included companies like Agnico Eagle Mines, Barrick Gold, and Newmont Corporation
• Performance diverges from spot gold prices because mining company profitability depends on labor costs, energy prices, and management decisions, not just the gold price

That last point trips up a lot of investors. If gold goes up 10% in a year but a major miner reports cost overruns or a labor dispute, FSAGX might not follow gold tick for tick.

It can also outperform gold in strong bull markets because rising prices expand mining profit margins quickly.

Related: Is There a Fidelity Gold Index Fund?

How FSAGX Compares to Gold ETFs

GLD and IAU are not Fidelity funds, but they are available through Fidelity's brokerage platform without transaction fees under Fidelity's ETF commission-free program. So if direct gold price exposure is the goal, you can get it through Fidelity without paying a trading commission.

Related: Can I Buy Physical Gold in My Fidelity IRA?

The Mining Stock Factor

Owning gold miners is a different bet than owning gold. Miners carry geopolitical risk, operational risk, and executive decision risk. A company mining in politically unstable regions can see its stock drop even as gold climbs.

On the upside, when gold prices rise sharply, miners can see earnings multiplied because their fixed extraction costs stay roughly constant while revenue jumps.

From 2019 to 2020, when gold rose roughly 25%, FSAGX climbed over 40% during the same stretch. In flatter gold markets, the fund has underperformed the metal itself. That asymmetry is the core reason some investors choose FSAGX over a physical gold ETF, and why others avoid it entirely.

Can You Buy Physical Gold Through Fidelity?

Fidelity launched a program allowing retail investors to buy physical gold and silver through its platform. As of mid-2023, Fidelity began offering fractional gold coins through its website, letting investors purchase gold in smaller increments without needing a separate precious metals dealer or a self-directed IRA custodian.

This matters for investors in the Philippines and other international markets because Fidelity's physical gold program is currently available only to U.S.-based account holders. International investors using Fidelity's platform have access to the standard fund and ETF lineup, but the physical metals purchasing feature is U.S.-only as of this writing.

Other Fidelity Funds with Gold Exposure

If you want gold as part of a broader commodities allocation rather than a standalone position, Fidelity has funds that include gold without being exclusively focused on it:

• Fidelity Global Commodity Stock Fund (FFGCX): Invests across energy, mining, and agricultural commodity companies. Gold miners are part of the mix but not the entire portfolio.
• Fidelity SAI Real Assets Fund: Targets inflation-sensitive assets including commodity producers, real estate, and inflation-linked bonds. Gold exposure is indirect through commodity-related equities.
• Fidelity Series Commodity Strategy Fund: Used within Fidelity's asset allocation funds rather than sold directly to individual investors as a standalone product. It uses derivatives for commodity exposure including gold.

None of these are pure gold plays. They dilute gold exposure across a wider commodity basket, which can reduce volatility but also reduce the specific hedge that gold investors are usually looking for.

Tax Considerations Worth Knowing

Gold and gold-related investments are taxed differently depending on the structure. Physical gold ETFs like GLD are classified as collectibles by the IRS, meaning long-term capital gains are taxed at a maximum 28% rate rather than the standard 15% or 20% long-term rate. This catches investors off guard.

FSAGX, because it holds mining stocks rather than physical gold, is taxed as a standard equity mutual fund. Long-term gains on shares held over a year qualify for the preferential 15% or 20% capital gains rate. For high-income investors, this can make FSAGX more tax-efficient than a physical gold ETF despite its higher expense ratio.

Fidelity also offers gold exposure inside IRAs. Both FSAGX and gold ETFs can be held in traditional and Roth IRAs, where the collectibles tax classification on ETFs becomes irrelevant since gains inside IRAs are tax-deferred or tax-free.

Performance in Context

Gold has historically served as a hedge against dollar weakness and inflation. From January 2020 through early 2024, spot gold prices rose approximately 50%.

 FSAGX over the same period produced more volatile results, with sharp gains in 2020 and 2022 offset by steeper drawdowns in 2021 and 2023 as mining sector costs pressured margins.

For Philippine investors watching global markets, the gold price in Philippine peso terms has an added currency component. A weaker peso relative to the dollar amplifies gold gains when converted back to local currency, since gold is priced globally in U.S. dollars.

This creates an additional layer of return (or risk) that doesn't show up in the fund's USD-denominated performance figures.

Minimum Investment and Account Requirements

FSAGX has no minimum investment for accounts enrolled in Fidelity's standard brokerage or retirement accounts. You can buy a single dollar's worth if the platform supports fractional shares for mutual funds, which Fidelity does through its fractional share program for eligible securities.

For ETFs like GLD or IAU purchased through Fidelity, you buy at the per-share price with no fund minimum, though the share price itself determines the smallest whole-share purchase available if fractional ETF shares are not enabled on your account type.