* Bullion gains over 1% so far for the week

* US labor market, housing data point to slowing economy

* Silver, platinum, palladium heads for weekly gains

June 21 (Reuters) - Gold prices were poised for a second consecutive weekly gain on Friday, driven by safe-haven demand amid tensions in the Middle East and rising bets that the U.S. Federal Reserve might reduce interest rates later this year.

Spot gold was up 0.1% at $2,360.95 per ounce as of 0344 GMT, after hitting a two-week high in the previous session. Bullion gained over 1% so far for the week.

U.S. gold futures rose 0.2% to $2,374.60.

"In the short-term perspective, the current movement driver of this bullish going gold is primarily driven by rising geopolitical tensions, especially after the news on the attack on Gaza," said Kelvin Wong, a senior market analyst for Asia Pacific at OANDA.

On Thursday, several Israeli air strikes in the Gaza Strip killed at least 14 people and wounded dozens of others.

"The market is now looking for what is the possibility of another rate cut after September which could be supportive of gold, keeping it above that $2,300 level," added Wong.

Data on Thursday showed that first-time applications for U.S. unemployment benefits fell moderately last week, while new housing construction dropped. This combined with tepid retail sales last month keeps a September U.S. rate cut on the table.

Lower interest rates reduce the opportunity cost of holding non-yielding bullion.

The next market focus is on the U.S. flash purchasing managers' indexes due at 0145 GMT.

"While corrections are possible, the support level around $2,300 remains crucial for gold, with any significant downturn likely influenced by shifts in economic indicators or sudden market movements," ACY Securities analyst Luca Santos said.

Spot silver fell 0.4% to $30.60 per ounce, platinum was up 0.4% at $982.45 and palladium gained 0.8% to $930.98. All three metals are headed for weekly gains.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Janane Venkatraman and Sohini Goswami)