Gold and silver await bank decisions and oil data

The drop in oil prices deepened last week in response to reports that Libya and Nigeria are planning to increase oil exports in the coming weeks.

If the actions of these two countries are successful, the oil surplus in the market will rise and will continue for most of 2017, which is good news for precious metals.

In addition, investors are waiting for new signals in the market, and the key events of this week will be the meeting of the Federal Reserve System (FRS) and the Bank of Japan (BOJ) - said the head of commodity strategies of Saxo Bank.

It should be noted that silver prices have gained 38 percent since the beginning of the year, while gold prices have increased by 25 percent.