Gold steady as investors decide on the state of the world economy

Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, dropped for the first time

Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, dropped for the first time

Gold hovered near the $875 mark on Friday, pressured by strength in equities, while dealers took a drop from record holdings in the world’s largest gold-backed exchange-traded fund as a sign investor demand may be receding. Gold holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, dropped for the first time since April 3, according to figures on the company’s Web site. Gold is trading at $875 as of 9:30am, London Time. Gold’s Pool-Position is 88% Long, which means that most Finotec clients are buying the precious metal.