Gold delivers highest return among major assets YTD, oil biggest loser: El-Erian

Economist Mohamed El-Erian shared his monthly update on the performance of major asset classes, noting that while April was a down month for most, these asset classes largely recovered by the end of the month.

In a post on X, President, Queens' College, wrote: “A few assets delivered an up month, including Bitcoin and gold. Of the losers, oil led the way.”

According to his usual monthly table, gold delivered the highest return among major asset classes from the start of the year through the end of April, with gains of 24.48%. Oil, on the other hand, was the biggest loser, falling by 18.84%.

This comes amid tariffs imposed by US President Donald Trump, which have raised concerns about global economic growth and driven investors toward safe-haven assets—chief among them, gold.