Silver prices fell to around $30.2 an ounce on Monday, reversing some of last week's gains, as the dollar strengthened following stronger-than-expected U.S. jobs data.
The data dampened expectations for further interest rate cuts by the Federal Reserve this year, and a stronger dollar makes dollar-denominated commodities like silver more expensive for buyers holding other currencies, dampening demand.
Looking ahead, investors are focused on U.S. inflation data this week for further insight into the Fed's policy direction.
Despite the recent pullback, silver jumped nearly 3% last week, marking its best weekly performance since mid-November.
The metal's value continues to be supported by strong industrial demand, particularly in renewable energy and electronics technologies, as well as ongoing supply concerns.
Source: Trading Economics
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