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Gold ETF (AAAU) Hits New 52-Week High
For investors seeking momentum, Goldman Sachs Physical Gold ETF (AAAU - Free Report) is probably on the radar. The fund just hit a 52-week high and is up 73.06% from its 52-week low price of $26.47/share.
But are there 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
The fund seeks to reflect the performance of the price of gold less the expenses. The product charges 18 bps in annual fees (See: All Precious Metals ETFs).
Why the Move?
Gold has been an area to watch lately, given the rise in volatility and increased safe-haven demand. Increasing central bank buying, ongoing economic uncertainty and persistent geopolitical frictions have provided strong tailwinds for gold. Additionally, rising market expectations of further Fed rate cuts also bode well for the precious metal.
More Gains Ahead?
Currently, AAAU has a Zacks ETF Rank #3 (Hold). It might continue its strong performance in the near term, with a positive weighted alpha of 73.14 (as per Barchart.com), which gives cues of a further rally.