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Commodities analysts at U.S. bank JPMorgan Chase (NYSE: $JPM ) say that retail investors' interest in gold (TVC: $GOLD ) has softened as the price has fallen from recent highs.

JPMorgan cites a slowdown in demand for gold exchange-traded funds (ETFs) and solid bars as an area of potential concern following a record run in the price of bullion this year.

"Since the start of 4Q, there has been a slowing in the retail impulse into gold amid the correction since Oct 20th," writes the bank in a note to clients.

JPMorgan highlights a contraction of just under 2% in gold ETFs since their Oct. 21 peak, which coincided with gold's price breaking above $4,300 U.S. an ounce for the first time.

The bank's analysts write that in the year's fourth quarter, flows into gold ETFs remain modestly positive but show "a notably weaker demand backdrop" than earlier in the year.

Gold demand among individual investors peaked in this year's third quarter, when total capital flows into bars, coins, and ETFs rose to about $60 billion U.S.

Throughout this year, investors have used gold as a hedge against stock market risk, buying both ETFs and gold bars at places such as Costco Wholesale (NASDAQ: $COST ).

Central banks around the world have also continued adding to their gold reserves, increasing their gold holdings to around 220 tonnes in the third quarter and helping to drive-up the price.

But with gold's price having retreated back to $4,000 U.S. an ounce, many retail investors appear to also be pulling back on their gold buying and/or taking profits, says JPMorgan Chase.

JPM stock has gained 30% this year to trade at $313.42 U.S. per share.