June 23 (Bloomberg) -- Gold fell to the lowest in six weeks in London as some investors sold the precious metal to cover losses in equity markets. The MSCI World Index of shares today fell to the lowest in four weeks after the World Bank yesterday projected the global economy would shrink this year by 2.9 percent, more than its previous forecast for a 1.7 percent contraction. Bullion held in the world’s biggest exchange-traded fund declined for the first time since June 5. Gold “could well be dragged lower in coming sessions as equity pressure forces cash generation to cover margin requirements,” James Moore, an analyst at TheBullionDesk.com in London, said today in a note. Bullion for immediate delivery declined as much as $9.46, or 1 percent, to $913.24 an ounce, the lowest since May 12. The metal traded at $919.82 at 11:10 a.m. local time. August gold futures lost 0.3 percent to $919.81 an ounce on the New York Mercantile Exchange’s Comex division. The metal increased to $920.25 in the morning “fixing” in London, used by some mining companies to sell production, from $919.25 at yesterday’s afternoon fixing. Spot prices have declined the past three weeks after four weeks of gains. Investment in the SPDR Gold Trust, the biggest ETF backed by bullion, slipped to 1,131.24 metric tons yesterday from 1,132.15 tons on June 19, the company’s Web site showed. The reduction in ETF holdings “is a signal that investors aren’t keen to hoard gold,” Pradeep Unni, an analyst at Richcomm Global Services in Dubai, said in a note. “There is significant potential to the downside if gold retests the lows seen early today.” Silver for immediate delivery in London was little changed at $13.74 an ounce. Platinum added 0.3 percent to $1,167.75 an ounce, and palladium was 0.1 percent lower at $235.25 an ounce. Platinum held in ETF Securities Ltd.’s exchange-traded commodities fell 1.2 percent to 338,982 ounces yesterday from 343,196 ounces on June 19, according to the company’s Web site.

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