Introduction 2 - Gold heads for weekly gains as markets focus on developments between America and Iran

To update prices

May 8 (Reuters) - Gold extended its gains on Friday after a stronger-than-expected jobs report and is on track for a weekly rise as concerns about inflation and rising interest rates ease thanks to investor optimism about a possible deal between the United States and Iran .

Gold rose 0.8 percent in spot trading to $ 4,723.28 an ounce by 1322 GMT. It has gained 2.4 percent so far this week.

U.S. gold futures for June delivery gained 0.5 percent to $4,733 .

Data showed that US employment rose more than expected in April, while the unemployment rate held steady at 4.3 percent, indicating a robust labor market.

David Meijer, director of metals trading at High Ridge Futures, said, "We always thought that stronger-than-expected jobs data would boost the dollar and put some pressure on gold. But we didn't actually see that happen today."

He added, "At this stage, gold is being traded as a risky asset, not a safe haven. The recovery of gold is linked to the prospects of de-escalation in Iran."

US and Iranian forces clashed in the Gulf region and the UAE was subjected to a new attack, but US President Donald Trump said the ceasefire was still in place despite the escalation.

As for other precious metals, silver rose 3.1 percent to $ 80.88 an ounce in spot trading, platinum climbed 0.2 percent to $ 2,026.80 , and palladium fell 0.3 percent to $ 1,476.18 .




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