Investors have added more than $1 billion to the largest gold ETF the past month as the precious metal fund breaks through a key technical indicator after trading sideways in a narrow range for several weeks.

SPDR Gold Shares (NYSEArca: GLD) has pulled in $1.3 billion the past four weeks, according to XTF. After the Vanguard MSCI Emerging Markets (NYSEArca: VWO), the gold fund is the best-selling ETF for the month. [Emerging Market ETF Sees Big Inflow]

GLD currently holds $67.5 billion of assets and is backed by nearly 1,300 metric tons of bullion.

The gold ETF has climbed above its 200-day exponential moving average for the first time since May.

Recent GLD options trading suggests some investors are buying calls to position for more upside in gold, according to Street One Financial.

Globally, global ETF holdings have climbed to a record level of 78 million ounces. [Gold ETF Holdings Hit Record on Eurozone Fears, Stimulus Hopes]

Other gold ETFs include iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares ETF (NYSEArca: SGOL).

Gold prices are trading at a 14-week high on speculation central banks will unveil more stimulus to fight the European debt crisis, Reuters reported Wednesday.

SPDR Gold Shares

Full disclosure: Tom Lydon’s clients own GLD.

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