Reuters - Gold prices fell on Monday to their lowest point in more than a month, as Middle East tensions ​pushed oil prices higher, fuelling inflation fears and reinforcing expectations of ‌higher-for-longer interest rates.

FUNDAMENTALS

* Spot gold was down 1.1% at $4,488.99 per ounce, as of 0052 GMT, hitting its lowest level since March 30.

* U.S. gold futures for June delivery lost 1.5% ​to $4,493.30.

** Gold was pressured by rising geopolitical tensions after a drone strike ​caused a fire at a nuclear power plant in the United Arab ⁠Emirates, lifting crude prices and bets of interest rates.

** Saudi Arabia, meanwhile, reported ​intercepting three drones, as U.S. President Donald Trump warned that Iran must act "fast" ​after efforts to end the U.S.-Israeli war appeared to have stalled.

** Central banks tend to hike interest rates during times of inflation, which in turn tends to dim non-yielding bullion's appeal.

* ​Oil prices extended gains on Monday to hit a two-week high.

* Markets are ​increasingly pricing in a U.S. Federal Reserve rate hike before year-end, with a 50% chance of ‌a ⁠move by December, according to CME Group's FedWatch tool. FEDWATCH

* Investors await minutes of the Fed's April meeting, due to be released this week, for clues on the central bank's monetary policy direction.

* India has curbed imports of silver in nearly all ​forms with immediate effect, ​according to a ⁠government order issued on Saturday, as the world's biggest consumer of the metal seeks to rein in shipments and ease ​pressure on the rupee.

* Gold discounts in India jumped to a ​record last ⁠week, while investment demand kept Chinese premiums firm.

* Gold speculators raised net long positions by 4,963 contracts to 100,627 in the week ended May 12.

* Spot silver fell ⁠2.2% ​to $74.30 per ounce, platinum lost 0.6% to $1,961.30, and ​palladium dropped 1.2% at $1,396.25.