On Monday, even though the latest strong employment data in the United States led investors to reduce their expectations for a rate hike in June, spot silver prices still hit a 34 month high of $28.088 per ounce.

Data shows that last Friday, apart from the Department of Agriculture, all sectors of the US economy added 303,000 new jobs, the highest since May 2023. This data suggests that the economy may have ended the first quarter of this year with a stable momentum.

"Strong economic data is a double-edged sword for the market," ANZ analysts wrote in a customer memo. "On the positive side, resilient growth indicates that the economy is far from entering a recession, but this may also mean that the Federal Reserve will maintain high interest rates for a longer period of time."

According to data from CME FedWatch, the market now believes that the likelihood of the Federal Reserve raising interest rates in June is about 48%, compared to 60% a week ago.

As of 7:34 a.m. Greenwich Mean Time on Monday, spot silver prices rose 1.17% to $27.815 per ounce. Earlier that day, the product reached its highest point since June 11, 2021.

The price of silver futures for May delivery rose 1.41% to $27.890 per ounce.