The price of gold has risen 8.3 percent this year amid geopolitical turmoil and global economic uncertainty.

So how can you get in on the action? CNBC.com lists five fairly simple ways to invest in the precious metal.

1. Exchange-traded funds (ETFs)
You can invest in ETFs that hold gold bullion. These funds give you a stake in physical gold and the ability to dump your position at the press of the button. The largest gold ETF is SPDR Gold Shares (Ticker: GLD).

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2. Closed-end funds
These trade on exchanges like the ETFs, but are mutual funds and carry higher expenses. They also trade at premiums or discounts to net asset value depending on market conditions.

3. Single stocks
These are shares of gold mining companies. When the gold price moves, these stocks will generally move in the same direction but with a larger magnitude. They often pay dividends, unlike gold itself.

4. Gold coins
These are useful if you want to hold physical gold yourself. They can be purchased through authorized dealers.

5. Gold jewelry
It make more sense to think of this form of gold mainly as something to wear rather than as an investment, given its illiquidity, according to CNBC.com.

September gold contracts traded at $1,310 an ounce Wednesday on the Comex, up $3.10 from Tuesday.

"Tension between Ukraine and Russia is keeping prices supported," Blake Robben, senior market strategist at Archer Financial Services, told Bloomberg. "We are seeing gold’s haven premium rise."

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