Gold prices fell on Thursday as a rally in US equities offset support from uncertainty over the new US administration's policies and a weaker dollar. Spot gold prices were down 0.34 percent at $1,196.12 per ounce at 0745 GMT. On Wednesday, they hit their lowest since January 13 at $1,192.74. US gold futures fell 0.1 percent to $1,195.80.
"The bullish impact of a weaker dollar was more than offset by a soaring US equity market where we saw the Dow take out the 20,000 mark for the first time," said INTL FCStone analyst Edward Meir.
"We suspect that gold could come under further pressure again on Thursday as the follow-through from the US stock rally reverberates through into other global markets," he added.
"The market is due for some correction after the rally ... see it as purely a technical one. Lack of Chinese participants too is hurting," a Singapore-based trader said.
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