For investors looking for momentum, Goldman Sachs Physical Gold ETF (AAAU Quick QuoteAAAU - Free Report) is probably a suitable pick. The fund just hit a 52-week high and is up 23.9% from its 52-week low price of $16.65/share.

Let’s take a look at the fund and its near-term outlook to gain an insight into where it might be headed:

AAAU in Focus

This ETF seeks to reflect the performance of the price of gold less the expenses of the Trust's operations. It has AUM of $337.73 million and charges 18 basis points in annual fees.

Why the Move?

Concerns about further pandemic-related lockdowns due to the aggravating coronavirus outbreak have once again prompted a flight to safe-haven assets. Moreover, the decline in U.S. dollar and Fed’s continued dovish stance are supporting the upside in the yellow metal. Notably, gold is considered a great store of value and hedge against market turmoil. This is making funds like AAAU an attractive investment option.

More Gains Ahead?

The fund has a Zacks ETF Rank #3 (Hold). It seems like it might remain strong, which gives cues of further rally.

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