Silver prices plunged more than 5% on Monday, falling below $28.00 per ounce, due to fears of a global economic slowdown. Weaker-than-expected US employment and manufacturing data have heightened concerns about a recession, prompting investors to liquidate silver positions to cover stock market losses. Despite expectations of Federal Reserve rate cuts, which usually support precious metals, the pressure from the broader market selloff overshadowed these factors. The decline in US bond yields and the dollar also failed to lift silver prices, which reached their lowest level in nearly three months.