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Gold prices slide ahead of Fed meeting

Gold prices slide ahead of Fed meeting
Silver opened 0.18% down to $19.64/ounce. - (Photo Credit: Reuters)

By Mahmoud Gamal

Mubasher: Gold prices opened Wednesday on a slide as the US dollar rose hours before the US Federal meeting posts its updates on interest rates and the monetary policy.

By 5:05am GMT, spot gold stood 0.08% lower to $1,327.30 per ounce, while US gold futures for August delivery fell 0.03% to $1,317.03 per ounce.

Silver opened 0.18% down to $19.64 an ounce.

The US dollar index moved up by 0.02% to $97.19 by 4:40am GMT.

The Fed is expected to release a statement today at 6pm GMT.

"The rise of dollar is nothing but speculations to make use of all speculation on interest rates before the Fed official statement", said currency market analyst Alaa Farhan.

The Fed is forecasted to keep interest rates unchanged as the economic scene looks foggy after Brexit and amid the negative expectations for the world economy, Farhan concluded.