Analyst: If ETF funds continue to flow out, the short-term upside potential for gold prices may be limited.

ChainCatcher news, Pepperstone research strategist Quasar Elizundia stated that after Moody's downgrade of the U.S. credit rating, investors are reassessing the long-term outlook for U.S. sovereign risk. The demand for safe-haven assets like gold may increase. However, if ETF funds continue to flow out, the short-term upside for gold prices may be limited. He pointed out that last week, there was a significant outflow of 30 tons from gold ETFs.