For investors seeking momentum, SPDR Gold MiniShares Trust (GLDM Quick QuoteGLDM - Free Report) is probably on the radar. The fund just hit a 52-week high and moved up 29% from its 52-week low of $35.99 per share.

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:

GLDM in Focus

SPDR Gold MiniShares Trust seeks to reflect the performance of the price of gold bullion. It is a low-cost choice in the U.S. listed physically gold-backed ETF space, charging investors 10 bps in annual fees (see: all the Precious Metals ETFs here).

Why the Move?

Gold has been an area to watch lately, given the surge in the metal price. The bullion has been rising in recent months on renewed expectations of U.S. interest rate cuts in June, strong safe-haven appeal and central bank buying. Additionally, gold has been considered a store of wealth for investors. It is often used as a means of preserving wealth during times of financial and political uncertainty and usually does well when other asset classes struggle. Factors such as the forthcoming U.S. presidential election, as well as the ongoing Russia-Ukraine war and the Israel-Hamas conflict, enhance gold's attractiveness to investors.

More Gains Ahead?

Currently, GLDM has a Zacks ETF Rank #3 (Hold). It is hard to get a handle on its future returns one way or the other. However, a weighted alpha of 23.39 and a 20-day volatility of 11.70% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.