May 29 (Reuters) - Gold prices inched higher on Friday as investors assessed reports of a U.S.-Iran ceasefire deal amid growing concerns around inflation and U.S. interest rate hikes.

FUNDAMENTALS

* Spot gold XAU= was up 0.4% at $4,512.79 per ounce, as of 0113 GMT. The metal was up about 0.1% for the week so far.

* U.S. gold futures GCcv1 rose 0.2% to $4,543.10.

* Bullion fell to a two-month low on Thursday before closing higher on reports of a U.S.-Iran ceasefire extension.

* The United States and Iran reached an agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though U.S. President Donald Trump has yet to approve it and Iranian state media said it had not been finalised.

* U.S. inflation increased at its fastest pace in three years in April, driven by higher energy prices due to the Iran war and cementing economists' views that the Federal Reserve would hold interest rates unchanged well into next year.

* St. Louis Federal Reserve President Alberto Musalem said the central bank may need to increase its policy rate if inflation does not resume easing within the next six months.

* Federal Reserve Bank of New York President John Williams said central bank monetary policy is in the right place given the outlook, adding he expects inflation to be high in the near term with the pressures easing later in the year.

* China's net gold imports via Hong Kong rose 81.2% in April from the previous month, data showed.

* Spot silver XAG= rose 0.7% to $76.17 per ounce, platinum XPT= gained 0.2% to $1,926.18, and palladium XPD= rose 0.9% to $1,380.94.