Investors decided to switch to the relative stability of bullion as Dutch voters prepare to cast their ballots on March 15 to elect the next prime minister. The vote has become some sort of a bellwether for populist sentiment on the continent, as Euro-skeptic Geert Wilders, who heads the Party for Freedom, gathers momentum, capitalizing on rising anti-immigration sentiment.
Gold has rallied off the key support at $1200, and was last trading just shy of $1210 per troy ounce. Meanwhile, SPDR Gold Trust, the world's largest gold backed ETF, slashed its holdings by -1.06% to 825.22 tonnes on Friday. This comes amid money managers reducing their net long positions in the metal from the highest level in 3 months per the latest data from the US Commodity Futures Trading Commission.