The gold market has started off the year on a strong note, but prices are expected to decline after the first quarter, according to analysts from Bank of Montreal Capital Markets.

The Canadian bank released an updated forecast for the precious metals markets on Sunday and remains bearish on gold and silver as weaker oil prices as well as the U.S. dollar dominate the marketplace. The bank expects gold to average $1,170 an ounce in 2015, down from their previous forecast from $1,190 an ounce.