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MARKETS LIVE BLOG:

STOCKS CLIMB AS DOW POSTS 8TH STRAIGHT WIN

Fed's Michelle Bowman echoes higher-for-longer mantra for interest rates

Gold ETF (GLD) Hits New 52-Week High

Sweta Killa
·2 min read

For investors seeking momentum, SPDR Gold Trust ETF GLD is probably on radar now. The fund just hit a 52-week high, and is up 24.6% from its 52-week low price of $119.54 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 on where it might be headed:

GLD in Focus

This is the largest and most-popular ETF in the gold space with AUM of $45.3 billion and average daily volume of around 9.4 million shares. The fund tracks the price of gold bullion measured in U.S. dollars, and kept in London under the custody of HSBC Bank USA. Expense ratio comes in at 0.40% (see:  all the Precious Metal ETFs here).

Why the Move?

The precious metals space, especially gold, has been an area to watch lately given the surge in the metal prices. The outbreak of a deadly coronavirus, which originated in China, has resurfaced fears of a global growth slowdown and thus raised the appeal for safe-haven buying. Notably, gold is considered a great store of value and hedge against market turmoil.

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, it seems that GLD might remain strong given a higher weighted alpha of 21.3 and low 20-day volatility of 8.3%. As a result, there is definitely still some promise for investors, who want to ride on this surging ETF a little further.

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SPDR Gold Shares (GLD): ETF Research Reports
 
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