Silver slipped toward $38 per ounce on Monday, retracing part of last week’s gains as investors took profits ahead of key US inflation data that could shape the Federal Reserve’s policy path. Markets are increasingly betting on a Fed rate cut in September amid signs of a weakening labor market, with a potential follow-up move in December also priced in. Fed Governor Michelle Bowman said on Saturday that the latest weak jobs report reinforces her concerns about labor market fragility and strengthens her view that three rate cuts will likely be appropriate this year. Investors also awaited an announcement on whether the August 12 deadline for the US-China tariff truce will be extended. In geopolitics, US President Donald Trump is expected to meet Russian President Vladimir Putin on August 15 in Alaska to negotiate an end to the Ukraine war.