Mubasher: Gold prices saw a slide on Monday ahead of central bank meetings in the United States and Japan.

By 4:41 GMT, spot gold fell by 0.5% to $1324.90 per ounce.

U.S gold futures for August delivery decreased $5 or 0.4% to $1352.10 per ounce.

At the same time, US dollar index rose by 0.5% to 97.46 against a basket of currency, registering the highest level since April 2016.

Speculations about raising interest rates next week drifted the US dollar index higher on Monday, said currency market analyst Mohamed Alansari.

Technically, the index is still moving in a downward channel, he added, advising traders to cautiously increase positions until the outlook becomes clearer after the Fed's decision.

Members of the Federal Open Market Committee will convene next Wednesday to look into the interest rates and the adoption of new monetary policies.