For investors seeking momentum, SPDR Gold Trust ETF GLD is probably on the radar. The fund just hit a 52-week high and moved up 17% from its 52-week low of $168.30 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:

GLD in Focus

SPDR Gold Trust ETF tracks the price of gold bullion measured in U.S. dollars and kept in London under the custody of HSBC Bank USA. It is an ultra-popular gold ETF, with an AUM of $54.2 billion. SPDR Gold Trust ETF charges 40 bps in fees per year from investors (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. Gold soared above $2,100 an ounce, edging closer to the record high of $2,135.39, driven by expectations of upcoming U.S. interest rate reductions. Traditionally viewed as a safe haven during periods of economic uncertainty and low interest rates, gold's appeal has increased following a series of weak U.S. economic reports.

More Gains Ahead?

Currently, GLD 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 13.60 and the 20-day volatility of 11.01% show that there is still some promise for risk-aggressive investors who want to ride on this surging ETF.

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SPDR Gold Shares (GLD): ETF Research Reports

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