Gold closes slightly lower despite dollar's drop

Gold prices fell during today's trading amid the decline of dollar against most of the major currencies, and the precious metal closed on a slight loss ahead of the release of the Federal Reserve decision.

As the market's analysts forecast, the central bank set the benchmark interest rate between 2.25% and 2.50% unchanged, but, contrary to speculations, and said it did not expect a rate cut this year.

The bank expected to cut the interest rate next year once before raising it again in 2021, saying it would closely monitor the economic data.

In another context, at 18:28 GMT, the dollar index (against a number of major currencies) fell by 0.5% to 97.1 points, reaching a high of 97.6 points and a low of 97.1 points.

Gold futures (August delivery) fell by 0.1% to $1348.80 per ounce, the precious metal hit a high of $1360 and a low of $1344.8.