May 18 (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 XAU= 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 GCcv1 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. O/R

* 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. GOL/AS

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

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

DATA/EVENTS (GMT)
0200	China Urban Investment (YTD) YY April
0200	China Retail Sales YY April
0200	China Unemp Rate Urban Area April
0500	Japan Chain Store Sales YY April