Silver fell more than 1% to below $62 an ounce on Monday, pulling back from two-week highs amid a firmer US dollar.
However, losses were contained as signs of a cooling US labor market tempered expectations for a Federal Reserve rate hike.
Last week’s data showed a sharp slowdown in US job growth in June, alongside downward revisions for April and May, leading markets to scale back near-term hike bets.
At the same time, oil prices edged lower as recovering energy flows through the Strait of Hormuz and the prospect of increased OPEC+ supply fueled concerns about a potential glut.
Investors now await the Fed’s meeting minutes, due Wednesday, with markets pricing in over a 50% chance of a September rate increase.