Strategist: If ETF Outflows Continue, Gold's Short-term Upside May Be Limited

Pepperstone research strategist Quasar Elizundia stated that following Moody's downgrade of the US credit rating, investors are reassessing the long-term outlook of US sovereign risk. The demand for safe-haven assets like gold may increase. However, if ETF outflows continue, the short-term upside potential for gold prices might be limited. He noted that last week, there was a significant outflow of 30 tons from gold ETFs.