Gold is heading for weekly gains as markets focus on developments between the US and Iran.

May 8 (Reuters) - Gold prices edged higher on Friday and were on track for weekly gains as concerns about inflation and rising interest rates eased and investors remained optimistic about the possibility of a peace deal between the United States and Iran despite renewed fighting.

Gold rose 0.3 percent to $4,700.80 an ounce in spot trading by 00:59 GMT. It has gained 1.9 percent so far this week.

U.S. gold futures for June delivery settled at $4,709.90.

The United States and Iran traded attacks on Thursday in the most serious test yet of the month-long ceasefire, but Iran said the situation had returned to normal while the United States said it did not want to escalate the situation.

The fighting resumed as Washington awaited Iran's response to a U.S. proposal to halt the fighting.

As for other precious metals, silver rose 0.8 percent to $79.10 an ounce in spot trading, platinum climbed 0.5 percent to $2,032.70, and palladium gained 0.1 percent to $1,482.50.




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