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Silver price (XAG/USD) recovers its recent losses, trading around $30.60 per troy ounce during the European session on Friday. Weaker economic data from the United States (US) has sparked speculation that the Federal Reserve (Fed) might consider reducing interest rates in 2024. This has provided support for non-yielding assets such as silver.Additionally, The Federal Reserve (Fed) Chair Jerome Powell turned slightly dovish on Tuesday. Powell said that the Fed is getting back on the disinflationary path. However, Powell wants to see further evidence before cutting interest rates as the US economy and the labor market remain strong, per Reuters.On Wednesday, the US ISM Services PMI dropped sharply to 48.8 in June, marking the steepest decline since April 2020. Additionally, the ADP Employment report showed that US private businesses added 150,000 workers to their payrolls in June, the lowest increase in five months.Traders await the US employment reports on Friday, which are expected to indicate a slowdown in employment growth for June. The US Nonfarm Payrolls (NFP) are forecasted to show an increase of 190,000 new jobs, down from the previous reading of 272,000. Additionally, US Average Hourly Earnings are anticipated to moderate slightly, with projections showing a decrease to 3.9% year-over-year from the prior reading of 4.1%.On the geopolitical front, Israeli Prime Minister Benjamin Netanyahu informed US President Joe Biden on Thursday that he has decided to send a delegation to resume stalled negotiations on a hostage release deal with Hamas. A source within the Israeli negotiating team said that there is a real chance of reaching an agreement after Hamas made a revised proposal regarding the terms of the deal, as reported by Reuters. This may limit the upside of safe-haven assets like Silver.Silver prices are being supported by increased demand for the metal in the expansion of renewable energy. Silver is a key component in solar panels and other renewable energy technologies due to its conductivity in photovoltaic cells.More By This Author:NZD/USD Remains Above 0.6100 Due To Rising Expectations Of Fed Rate Cuts Japanese Yen Recovers Losses As Softer US Data Reinforce Fed Rate Cuts This Year USD/CAD Falls Toward 1.3750 Due To Higher Oil Prices