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Physical Gold ETF (AAAU) Hits New 52-Week High
For investors seeking momentum, Goldman Sachs Physical Gold ETF (AAAU - Free Report) is probably on radar. The fund just hit a 52-week high and is up 26.53 % from its 52-week low price of $16.06/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 of 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. The product charges 18 bps in annual fees and has an AUM of $528.28 million.
Why the Move?
Increasing recessionary fears and persistently high inflation turn the tables in favor of gold as an efficient investment hedge tool and a safe-haven asset. Elevating geopolitical tensions further support the upside in the yellow metal. Considered a great store of value and hedge against market turmoil, the commodity is making funds like AAAU an attractive investment option.
More Gains Ahead?
Currently, AAAU has a Zacks ETF Rank #3 (Hold). However, it might continue its strong performance given a positive weighted alpha of 11.