For investors seeking momentum, GraniteShares Gold Trust (BAR Quick QuoteBAR - Free Report) is probably on radar now. The fund just hit a 52-week high, and is up 23.7% from its 52-week low price of $16.03 per share.

But are more gains in store for this ETF? Let's take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

BAR in Focus

This ETF is designed to track the spot price of gold bullion. It charges investors 17 basis points a year in fees (see: all Precious Metals ETFs here).

Why the Move?

After wild swings, gold showed a strong rebound lately. As the Fed indicated that it will adopt a less-hawkish tone for the rest of the year, the U.S. dollar is likely to stay subdued in the near term.  This is a great scope for the outperformance of the gold bullion ETF BAR as precious metals are priced in the U.S. dollar. A low interest rate environment is a tailwind for the non-yielding assets like gold. Also, the banking crisis in the United States and Europe has benefitted the safe-haven asset gold.

More Gains Ahead?

The fund has a Zacks Rank #3 (Hold). The fund has a positive weighted alpha of 8.80, which hints at more gains. So, there is definitely still some promise for those who want to ride on this ETF a little longer.