Spot gold was up 0.6 percent at $1,103.60 an ounce by 0318 GMT, after an early low of $1,096.65.
Total holdings of the top eight gold ETFs have risen by 3.8 million ounces so far this year
India's gold import bill, estimated at $3 billion in May, is seen falling further this month
US gold futures slid over 1 per cent on Thursday, while silver futures dropped 2 per cent.
Gold is often favoured as a hedge against economic and financial uncertainty
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