While gold often benefits from expectations for more stimulus measures, given its status as an inflation hedge, government debt has turned out to be a more attractive bet for investors of late since bullion does not pay any fixed interest. Holdings in the world's largest gold-backed ETF, SPDR Gold Trust , fell 0.6% on Thursday to its lowest since May 2020. [GOL/ETF] "Bullion has failed to hold $1,800 and has now broken the support at $1,775, opening space for further declines," ActivTrades chief analyst Carlo Alberto De Casa said in a note.