Julius Baer gold ETF rises 2 pct in week to July 8

LONDON, July 9 (Reuters) - Holdings of Julius Baer's (BAER.VX) gold-backed exchange-traded fund rose 32,800 ounces, or nearly 2 percent, in the week to July 8, the bank said in its weekly statement.

The amount of gold the fund holds to back its exchange-traded securities had climbed to a record 1.723 million ounces by Wednesday, from 1.691 million a week before, it said.

ETFs issue securities backed by commodities such as precious metals, giving investors exposure to the underlying asset price without having to buy the commodity itself.

Buying of gold and other precious metals to back ETFs was a major source of demand at the beginning of the year.

(Reporting by Jan Harvey; Editing by Editing by Peter Blackburn)