Silver eased nearly 1% to around $40.6 per ounce on Monday, pulling back from 14-year highs as investors took profits ahead of key US inflation reports this week that could guide the Federal Reserve’s next policy steps. The producer price index is due Wednesday, followed by the consumer price index on Thursday. Last week, the metal rallied to its strongest level since 2011 as signs of a cooling US labor market reinforced expectations for Fed rate cuts. Markets have nearly fully priced in a 25 basis point cut later this month, with some betting on a larger half-point move depending on the inflation data. On the industrial side, firm demand from solar, electric vehicles, and electronics has tightened the physical market at a time when supply remains constrained.