Silver falls despite weaker dollar and pressure on stocks

Silver prices fell on Tuesday, despite the US dollar's drop against most of its major peers, ahead of the Federal Reserve's decision.

The US Federal Reserve's monthly meeting will start later today, and will continue to Wednesday, amid expectations of holding the benchmark interest rate near zero, and will be followed by a press conference from the Fed Chief Jerome Powell.

Major US companies will start announcing their Q2 business results this week, led by Apple, Facebook and Amazon.

Tesla reported yesterday its quarterly earnings, which showed a strong jump in revenues and profits during the second quarter, thanks to the electric vehicle sales.

The Conference Board's consumer confidence index rose to 129.1 points in July from 128.9 in June, beating forecasts of a drop to 123.9 points.

The dollar index fell against a basket of major currencies by 0.3% to 92.3 points as of 20:15 GMT, after hitting a high of 92.8 points and a low of 92.3 points.

Silver spot prices fell 2.2% to $24.7 an ounce as of 20:15 GMT.