For investors seeking momentum, GS Physical Gold ETF AAAU is probably on the radar. The fund just hit a 52-week high and is up 38.17% from its 52-week low price of $17.97/share.
With the Fed set to cut interest rates this year, followed by rising geopolitical tensions and increasing purchases of the precious metal by central banks, increasing exposure to gold ETFs becomes attractive.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
By RoboForex Analytical Department
Fed rate cuts, a weaker dollar, and geopolitical uncertainty could lead to even more investors seeking gold as a haven trade.
Neils Christensen has a diploma in journalism from Lethbridge College and has more than a decade of reporting experience working for news organizations throughout Canada. His experiences include covering territorial and federal politics in Nunavut, Canada.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Jim Wyckoff has spent over 25 years involved with the stock, financial and commodity markets. He was a financial journalist with the FWN newswire service for many years, including stints as a reporter on the rough-and-tumble commodity futures trading floors in Chicago and New York.
Gold is set to continue enjoying a rally this year which has taken the yellow metal above the US$2,500 per ounce mark for the first time in recent days. After gold hit a record US$2,509 on Friday and also opened the new week above the mark, UBS said on Monday that further gains were in store.
Gold is poised to initiate a strong surge toward $3,000 as the seasonal correction was completed.
Gold prices have reached multiple highs this year, with analysts expecting more to come as the next U.S. Federal Reserve meeting draws closer.
Gold prices dipped to $2,499, and with the overbought zone looming, a potential correction could be imminent.