By: Mahmoud Gamal

Mubasher: Gold prices decreased on Wednesday, hours before the announcement of the US Federal Reserve meeting's minutes.

By 3:15 GMT, Spot gold inched down 0.10% to $1,236.55 per ounce.

US gold futures was 0.15% lower, reaching the mark of $1,237.015 per ounce.

The US Fed has some strong points that indicate a probable interest rate hike soon, such as the enhancement in the labour market as a result of better real estate sector, adding to the notable rise in inflation levels, technical analyst Alaa Aldin Farhan told Mubasher.

He added that the abovementioned factors make it possible that the Fed would incraese the interest rate by 0.25 points in its meeting scheduled on 14 March.

The analyst expected that the US dollar would gain strength in the coming period and rise to 105 points again, approaching the Fed's meeting.

The US dollar index shed 0.15% to 101.30 points.