Gold erased some of early gains in directionless trade on Friday, under pressure from a drop in ETF holdings to their lowest since late January, a firm US dollar and a lacklustre physical market. Spot gold shed 50 cents to $1,362.40 an ounce by 0639 GMT, well below a lifetime high around $1,430 hit in December. Trading was thin, with Japanese investors away for a public holiday, but the price had reached an intraday high around $1,365.