Jakarta, Financeroll.com - Gold dropped for a third day as the strength of global equity markets eroded demand for the precious metal as a safe-haven investment. Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, fell for a second day, dropping 1.2 percent to 1,105.98 metric tons on April 17, the lowest since March 19. The decline in the fund’s holdings may put pressure on bullion at the start of the week, according to UBS AG.

Bullion for immediate delivery fell as much as 0.4 percent to $865.33. Still, gold may climb this week on speculation the decline in prices may boost demand from jewelers and other buyers of the physical metal.

Other precious metals for immediate delivery, silver was little changed at $11.87 an ounce, platinum lost 1.1 percent to $1,196.75 an ounce, and palladium dropped 0.4 percent to $233 an ounce.