Goldman Sachs Physical Gold ETF (BATS:AAAU) Reaches New 52-Week Low – Here’s Why

Goldman Sachs Physical Gold ETF (BATS:AAAU)’s share price hit a new 52-week low during trading on Thursday. The company traded as low as $38.00 and last traded at $38.06, with a volume of 717,378 shares. The stock had previously closed at $39.27.

Goldman Sachs Physical Gold ETF News Summary

These are some of the AAAU news items that stood out recently:

• Positive Sentiment: Central-bank purchases, including continued gold buying by China, provide a source of underlying demand. Standard Chartered also sees potential for gold to recover toward $4,650 by year-end. China buys gold for two straight years Standard Chartered gold outlook
• Negative Sentiment: Hotter-than-expected inflation has lifted Treasury yields and Fed rate-hike expectations, while a stronger U.S. dollar and rising real yields make non-interest-bearing gold less attractive. Analysts warn that gold could test $3,900, with further downside possible if support breaks. Gold faces pressure as real yields climb Gold dims amid rising Fed rate-hike expectations
• Negative Sentiment: Gold continued to slide despite weaker-than-expected U.S. jobless-claims and existing-home-sales data, indicating that concerns about inflation, yields and monetary policy are currently outweighing any potential safe-haven or rate-cut support. Spot gold slides after existing-home sales fall

Goldman Sachs Physical Gold ETF Stock Down 2.9%

The business has a fifty day moving average of $41.17 and a 200 day moving average of $44.08.

Institutional Trading of Goldman Sachs Physical Gold ETF

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NEOS Investment Management LLC increased its stake in shares of Goldman Sachs Physical Gold ETF by 38.6% in the 2nd quarter. NEOS Investment Management LLC now owns 2,734,560 shares of the company’s stock valued at $108,207,000 after acquiring an additional 761,400 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Goldman Sachs Physical Gold ETF during the 3rd quarter worth approximately $26,194,000. China Universal Asset Management Co. Ltd. boosted its stake in Goldman Sachs Physical Gold ETF by 4.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 251,600 shares of the company’s stock worth $10,356,000 after acquiring an additional 9,600 shares during the last quarter. GoalVest Advisory LLC grew its holdings in Goldman Sachs Physical Gold ETF by 3.5% during the third quarter. GoalVest Advisory LLC now owns 229,006 shares of the company’s stock valued at $9,380,000 after purchasing an additional 7,787 shares during the period. Finally, Oarsman Capital Inc. grew its holdings in Goldman Sachs Physical Gold ETF by 6.8% during the second quarter. Oarsman Capital Inc. now owns 204,694 shares of the company’s stock valued at $8,100,000 after purchasing an additional 12,990 shares during the period.

Goldman Sachs Physical Gold ETF Company Profile

The Goldman Sachs Physical Gold ETF (AAAU) is an exchange-traded fund that is based on the LBMA Gold Price index. The fund tracks the gold spot price, less expenses and liabilities, using gold bars held in vaults located in the UK. AAAU was launched on Jul 26, 2018 and is issued by Goldman Sachs.