Gold prices below $1,200/oz on reduced safe haven demand

London (Jan 26)  Gold prices drifted lower on the morning of Thursday January 26 in London as safe haven demand for the yellow metal diminished.

Precious metals prices came under severe pressure yesterday afternoon, which was attributed to increased risk appetite among market participants as also reflected in rising stock markets and higher bond yields, according to Commerzbank. The Dow Jones Industrial Average exceeded the 20,000 point mark yesterday for the first time ever. In response, gold prices dipped.

Source: MetalBulletin