The SPDR Gold Trust dropped 2.2% on August 24, its highest one-day fall in seven months, Reuters reports. Holdings of the gold-backed exchange-traded fund declined to 1,232.3 tons by the end of the trading session from 1,259.57 tons on August 23. The fall in holdings was due to increased selling as money managers were competing to liquidate positions in COMEX futures, which suffered their biggest single-day dollar loss since 1980. Gold futures were pressurized as a report showed strong hike in July orders for U.S. durable goods.

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