Gold exchange traded funds were little changed Friday after a solid February jobs report although the precious metal was trading under $1,700 an ounce.

Bullion holdings in gold exchange traded products continue to rise, hitting a record of about 2,407 metric tons valued at roughly $131 billion, according to Bloomberg.

Gold traders are closely watching the chances of more quantitative easing from the Federal Reserve, since loose monetary policy has been a key driver of higher metal prices in recent years.

The largest gold ETF, SPDR Gold Shares (NYSEArca: GLD), holds nearly 1,300 tons of bullion and assets of more than $70 billion.

The precious metal fund is up about 9% year to date. [ETF Spotlight: Gold]

SPDR Gold Shares

Full disclosure: Tom Lydon’s clients own GLD.

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.