(Updates prices)

* Gold prices to stabilize - analyst

* Platinum, palladium on course for weekly upticks

* Lower yields complementing gains - analyst

Nov 5 (Reuters) - Gold prices gained on Friday as they shrugged off stronger-than-expected monthly jobs data, and the precious metal was on pace to post a weekly gain of nearly 1% after major central banks struck a dovish tone on interest rates.

Spot gold rose 0.7% to $1,804.11 per ounce by 1516 GMT, recovering from a 0.3% drop shortly after data showed U.S. employment increased more than expected in October.

U.S. gold futures for December delivery gained 0.6% at $1,803.60 per ounce.

The limited reaction to the data shows "despite the strong labor market report, it is not going to change what Federal Reserve Chair Jerome Powell signaled this week," said Edward Moya, senior market analyst at brokerage OANDA.

Extremely low interest rates to spur economic growth during the pandemic have pushed gold prices to new highs over the last two years, as easy monetary policy cuts the opportunity cost of holding non-yielding assets.

The Federal Reserve on Wednesday stuck to its view that inflation would prove "transitory" and would likely not require a fast rise in interest rates. Following that, the Bank of England surprised markets by keeping rates on hold.

The moves by these central banks helped gold shrug off early losses in the week and put it on track to end the week up 0.9%.

"Gold bulls seem to be drawing strength from the Fed's unhurried stance on raising interest rates," said FXTM analyst Lukman Otunuga, adding that subdued treasury yields are complementing gains.

Yields on the U.S. 10-year treasury notes slipped to their lowest level in about a month.

Physical gold demand in India, the world's second largest consumer, jumped this week as buyers took advantage of a slight dip in prices and bought the precious metal during the festival season.

Elsewhere, spot silver rose 0.8% to $23.96 per ounce. Platinum rose 0.9% to $1,035.02 per ounce. Palladium jumped 2% to $2,040.00 per ounce.

(Reporting by Bharat Govind Gautam and Amy Caren Daniel in Bengaluru; Editing by Shailesh Kuber and Louise Heavens)