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.

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