• Silver price gains ground ahead of the release of US economic data including Nonfarm Payrolls on Friday.
• The complex US economic scenario could boost the demand for less-riskier assets like Silver.
• Heightened concerns over China's economic outlook could negatively impact the demand for industrial metal.

Silver price (XAG/USD) appreciates to near $29.00 per troy ounce during the early European hours on Friday. Traders assess the upcoming July US Nonfarm Payrolls and Average Hourly Earnings data, set to be released later in the North American session, for insights into the US labor market.

The latest manufacturing and labor market data have created a complex scenario involving an economic slowdown in the United States and rising expectations for a Federal Reserve rate cut. If the economic downturn worsens significantly, it could dampen market sentiment, making any Fed rate cuts less impactful. In this context, demand for safer assets like Silver could increase.

US ISM Manufacturing Purchasing Managers Index (PMI) tumbled to an eight-month low of 46.8 in July, compared to the previous 48.5 reading and the forecasted move up to 48.8. US Initial Jobless Claims for the week ended July 26 rose to 249K from the previous week’s 235K, exceeding the forecast uptick to 236K.