Gold extended gains on Friday following a stronger-than-expected jobs report, ‌with prices also heading for a weekly rise as optimism over a potential end to the ​Iran conflict helped ease concerns about inflation and elevated interest rates.

Spot gold was up 0.8% at $4,723.28 ​per ounce, ​as of 1322 GMT. Bullion has gained 2.4% so far this week.

U.S. gold futures rose 0.5% to $4,733.00. Data showed that U.S. employment increased more ⁠than expected in April while the unemployment rate held steady at 4.3%, pointing to labor market resilience.

"Traditionally, we would think that a stronger-than-expected jobs number would strengthen the dollar and apply some pressure to gold. Yet, we did not really ​see that happen ‌today," said David Meger, ⁠director of ⁠metals trading at High Ridge Futures.

"At this point, gold is trading like a risk ​asset rather than a safe-haven. The rebound in gold is ‌tied to the prospects of de-escalation in Iran, ⁠with energy prices coming down, we're seeing the prospects for Fed rate cuts increase down the road."

Gold, typically seen as a safe haven during periods of global turmoil, faces pressure from rising interest rates due to its non-yielding nature.

According to the CME FedWatch tool, the market now sees about a 14% chance of a rate hike this year, down from around 22% the previous day.

U.S. and Iranian forces clashed in the Gulf and the United Arab Emirates ‌came under renewed attack, but President Donald Trump said a ⁠ceasefire was still holding despite the flare-up.

Meanwhile, gold demand ​in India was muted this week, as a price recovery prompted potential buyers to postpone purchases, while China premiums remained steady on safe-haven demand.

Spot silver rose 3.1% ​to $80.88 an ounce, ‌platinum gained 0.2% to $2,026.80, both headed for a weekly gain.

Palladium ⁠was down 0.3% at $1,476.18 but ​down nearly 3% for the week.

(Reporting by Ashitha Shivaprasad in Bengaluru)