UPDATE 2-SPDR Gold Trust holds more than Swiss reserves

(Adds analyst comments)

TOKYO, March 13 (Reuters) - The world's largest gold-backed
exchange-traded fund, the SPDR Gold Trust (GLD: Quote), said it held a
record 1,041.53 tonnes of bullion as of March 12, replacing
Switzerland as the world's sixth-largest holder of gold.

SPDR's record stake, up 3.36 tonnes or 0.3 percent from the
previous day, topped the 1,040.1 tonnes of gold listed as held
by Switzerland in December, the latest data from the World Gold
Council showed.

Switzerland ranked as the world's sixth-biggest official
gold holder after the United States, Germany, International
Monetary Fund, France and Italy.

"The most significant factor for the precious market this
year is that long-term, stable funds have been entering the ETF
in a systemic way," said Yukuji Sonoda, precious metals analyst
at Daiichi Commodities in Tokyo.

"Driven by worries about currencies, among others, ETF's
increases have become symbolic of a market rise, and the market
is hoping that the ETF's resumed climb will help pull up
prices."

Investments in SPDR have played a large part in pulling the
spot market higher, traders said, with its holdings pausing
from repeatedly hitting new highs when spot gold fell back
after rising to an 11-month high above $1,000 on Feb. 20.

Data earlier this week showed SPDR holdings dipped for the
first time in two months, preceding a fall in spot gold below
$900 an ounce, underscoring a close correlation between the
fund's holdings and the market, traders said.

For details of the world's top holders of gold, click on:

here

For correlation of gold and ETF holdings, click on:
here

Gold prices have moved up and down on differing cues from
stocks and currencies, but bullion's safety appeal remains
intact due to the grim outlook for the global economy and more
countries possibly selling their own currencies as a way to
fight deflation, traders said.

"In relative terms, gold remains the most stable of the
assets, and ETFs offer the easiest access to gold investment.
From an investor point of view, gold is currently the most
attractive product," Sonoda said.

Compared with a generally steady rise in gold prices, oil
prices have undergone sharper swings in prices, a reflection of
the difference in types of investors putting money in the
market, some analysts said.

Holdings in the trust, which issues securities backed by
physical stocks of gold, began climbing again in December as
worries about the global economy prompted demand for bullion as
a safe-haven asset. XAUEXT-NYS-TT.

For details of gold holdings by the ETF listed in New York
and also co-listed on other exchanges, click on:

here

Following are changes in SPDR holdings

Date: Total tonnes

March 12 1,041.53

March 11 1,038.17

March 8 1,028.99

Feb 26 1,029.29

Feb 19 1,028.98

Feb 18 1,024.09
(Reporting by Chikako Mogi and Risa Maeda; Editing by Ben
Tan)