This morning gold dipped below the $1,200 psychological level. The metal is currently at $1,197.60 (-0.36%) an ounce.
Last week non-interest-paying gold was boosted by a weaker dollar caused by Fed's softer rates outlook. It was also supported by safe-haven demand amid concerns over Greece. However Greece's Prime Minister Alexis Tsipras is likely to bring a new package of reforms today. Market participants are hoping that a solution will come at the last moment.