For investors seeking momentum, abrdn Physical Platinum Shares ETF (PPLT Quick QuotePPLT - Free Report) is probably on radar. The fund just hit a 52-week high and is up 32.7% from its 52-week low of $76.09 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 of where it might be headed:

PPLT in Focus

abrdn Physical Platinum Shares ETF seeks to match the price of palladium. It owns palladium bullion in plates or ingots kept in Zurich or London under the custody of JPMorgan Chase Bank. PPLT charges 60 bps in annual fees (see: all the Precious Metals ETFs here).

Why the Move?

The platinum commodity of the broad investing world has been an area to watch lately, given the rise in its prices. With demand rising and supply drying up, the fundamentals for this precious metal are improving. The combination of factors like power cuts in South Africa, the war in Ukraine and the increased production of hybrid cars are driving the price higher.

More Gains Ahead?

Currently, PPLT has a Zacks ETF Rank #3 (Hold) with a Medium risk outlook. Therefore, it is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 26.01 and the 20-day volatility of 23.36% shows that there is definitely still some promise for risk-aggressive investors, who want to ride on this surging ETF.