Mubasher: Oil prices declined to its lowest level in two months, on the back of a strong US dollar.

The precious metal futures for June ended Wednesday’s trade down 0.1% to settle at $1,305.60 per ounce, its lowest since the beginning of last March.

USD continued to rise after the Federal Reserve decided to maintain key interest rates at 1.50% to 1.75%.

The dollar is currently close to a four-month high, leading to smaller demand on gold and safe haven investments.