Gold rose on Wednesday despite a slight drop in ETF holdings, with more poor data from the United States likely to spur buying by investors worried about the health of the global economy. Gold added $2.15 to $1,231.40 an ounce by 0530 GMT, having dropped to its weakest level in nearly two weeks around $1,210 on Tuesday before bouncing to more than $1,235 after sales of previously owned US homes took a record plunge in July.
Other precious metals were mostly higher, with silver underpinned by a rise in iShares Silver Trust holdings and purchases by Indian consumers. US gold futures for December delivery were hardly changed at $1,233.1 an ounce after rising as high as $1,237.50 on Tuesday. The world's largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings slipped to 1,297.948 tonnes by August 24 from 1,299.468 tonnes on August 19. The holdings hit a record at 1,320.436 tonnes on June 29.
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