The SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) and other gold-related exchange traded products have recently been under pressure.

Gold’s slide has, not surprisingly, stoked debated among analysts and market participants regarding the yellow metal’s near-term prospects. While some remain supportive of more upside for gold and bullion-backed ETFs, other see more downside in store for the once hot precious metal.

Related: Demand Supports Gold ETFs

Gold has enjoyed greater demand in a low interest-rate environment as the hard asset becomes more attractive to investors compared to yield-bearing assets. However, traders lose interest in gold when rates rise since the bullion does not produce a yield.

“Is the $60 drop in gold prices the beginning of a deeper dive? Our answer is yes, it may very well be,” said John LaForge, the head of real asset strategy at Wells Fargo, in a note out Friday, reports CNBC. “The history of gold, and commodity super-cycles, says that gold may very well lose another $200/oz., testing the $1,050 level, before it is time to buy again.”

ETF flows into gold have expanded at their fastest pace since 2009. Physically backed gold ETF holdings are still one-third below the December 2012 peak, which suggest that prices can hold at about $1,200 per ounce.

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