By: Mahmoud Gamal
Mubasher: Gold prices rose few hours before the announcement of Fed meeting results on Wednesday, in line with the decline of US dollar.
Gold prices went up 0.1% to $1,160 per ounce by 4:25am GMT, while gold futures prices at New York Mercantile Exchange rose 0.3% or $3.5 to reach $1,162.55 per ounce.
The US dollar (DXY), which tracks it against a basket of six currencies, fell 0.05% to reach 101.02 points during the same time.
The US dollar decline is mainly attributed to speculations ahead of the two-day Fed meeting which will conclude on Wednesday, analyst Romany Zakaria told Mubasher.
The Fed is expected to raise its benchmark interest rate on Wednesday by 0.25%, Zakaria added.
Translated by: Julian Nabil
