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Silver price (XAG/USD) price moves above $29.00 per troy ounce during Friday’s Asian hours. Non-yielding Silver prices gain ground ahead of the US Federal Reserve (Fed) Chair Jerome Powell’s speech at the Jackson Hole Symposium later in the North American session. Powell may deliver a statement about the possibility of interest rate cuts in the United States (US), which is highly anticipated by market participants.Several Federal Reserve officials have recently shown optimism about a potential rate cut next month, a perspective also reflected in the latest FOMC minutes. On Thursday, Federal Reserve Bank of Boston President Susan Collins expressed confidence that the US central bank can reduce inflation without causing a recession and indicated her support for beginning interest rate cuts next month, per Reuters.Kansas City Fed President Jeff Schmid mentioned in an interview with broadcaster CNBC at Jackson Hole, that he is closely examining the factors behind the rise in the unemployment rate and will rely on data to determine whether to support a rate reduction next month.CME FedWatch Tool suggests that the markets are now pricing in 73.5% odds of a 25 basis point (bps) Fed rate cut in its September meeting, up from 62.0% a day ago. The probability of a 50 basis point rate cut decreased to 26.5% from 38.0% a day earlier.Silver, a traditional safe-haven asset, may gain support due to the ongoing deadlock in securing a truce between Israel and Hamas. The stalemate increases the risk of a broader conflict in the Middle East. Disagreements over Israel’s military presence in Gaza and Palestinian prisoner releases are hindering progress on a ceasefire and hostage deal. Sources, including two Hamas officials and three Western diplomats, indicate that these disputes have arisen from additional demands introduced by Israel after Hamas initially accepted a ceasefire proposal, according to Reuters.However, Silver demand faced challenges after recent industrial output data from China’s National Bureau of Statistics showed a struggling economy in the world’s largest manufacturing hub. Given Silver’s importance in various industrial applications, this downturn in industrial demand is significant.More By This Author:Silver Price Forecast: XAG/USD Hovers Near $29.50 Due To Caution Ahead Of Fed Minutes USD/CAD Falls Toward 1.3600 Ahead Of FOMC Minutes EUR/CAD Depreciates To Near 1.5100 After EEMU HICP Data, Canada’s Inflation Eyed