Silver closes lower after last week's gain

Silver futures closed lower on Monday, after last week's gains, and despite the US dollar drop against most majors.

The US Federal Reserve will start its meeting on Tuesday, and will continue until Wednesday, followed by the interest rate decision, which is expected to be held unchanged near zero.

The Federal Open Market Committee is expected to discuss the rising inflation rate, especially after the recent increase of 0.6% in the consumer price index during May, which is the highest level since 2008.

Federal Reserve Chairman Jerome Powell will comment on monetary policy afterwards at a press conference.

The dollar index fell against a basket of major currencies by 0.1% to 90.4 points as of 20:14 GMT, after hitting a high of 90.6 points and a low of 90.4 points.

Silver July futures fell 0.4% or 11 cents, and closed at $28.04 an ounce, after gaining 0.9% last week