Spot silver rebounded more than 1% on Monday, after recording a significant drop of 6.8% last Friday due to strong US employment data leading to a strengthening of the US dollar.

The US non farm payroll report far exceeded expectations, lowering investors' expectations for the Federal Reserve's interest rate cut earlier this year. The non farm payroll in the United States increased by 272,000 in May, significantly exceeding market expectations of 185,000. This data is also higher than the average monthly employment growth of 232,000 in the past 12 months.

According to the CME FedWatch tool, the market currently expects a probability of approximately 50% for the Federal Reserve to cut interest rates in September, while last Thursday, the day before the release of employment data, this probability was 70%.

It is expected that the Federal Reserve will maintain interest rates unchanged at its policy meeting from June 11th to 12th, with market attention focused on Chairman Jerome Powell's speech and the latest economic forecast from the FOMC.

The May Consumer Price Index (CPI) data for the United States will also be released on Wednesday.

As of 7:23 Greenwich Mean Time on Monday, spot silver rose 1.24% to $29.541 per ounce. Last Friday, spot silver recorded its largest daily decline since February 2, 2021.

The silver futures for July delivery rose 0.68% to $29.640 per ounce.

The US dollar index, which reflects the relative strength of the US dollar against six other major currencies, rose 0.24% on Monday to 105.190.