Market awaits FOMC conclusion, gold and silver prices drop.

Gold and silver prices fell as traders sold off weak long positions ahead of the FOMC meeting conclusion on Wednesday. The US consumer price index report for May showed a rise of 4.0%, year-on-year, in line with market expectations. The silver bulls have the overall near-term technical advantage, while the gold futures bulls have the overall near-term technical advantage. The Fed is expected to pause in its interest-rate-tightening cycle. China's central bank eased its monetary policy by trimming a key lending rate to boost Chinese economic growth.