June 29 (Reuters) - Gold prices fell on Monday as oil prices rose amid renewed fighting between the United States and Iran, while expectations of an interest rate hike by the U.S. Federal Reserve added to the pressure on the metal.

Spot gold fell 0.5 percent to $4,067.99 an ounce by 0045 GMT. U.S. gold futures for August delivery lost 0.4 percent to $4,081.20.

Iran launched missiles and drones at US military sites in Kuwait and Bahrain early Sunday, shortly after US President Donald Trump threatened to eliminate the Iranian leadership if it did not adhere to the agreement to end the war.

However, Axios reported on Sunday that Tehran and Washington had agreed to halt the latest wave of hostilities in the Gulf and resume talks on their dispute over the Strait of Hormuz.

Oil prices rose on Monday after days of tit-for-tat strikes between the United States and Iran in the Middle East, highlighting the fragility of their temporary ceasefire agreement and once again slowing the flow of energy shipments through the Strait of Hormuz.

The CME FedWatch tool indicates that traders expect three interest rate hikes from the Federal Reserve this year, with a roughly 77 percent probability of a December increase.

As for other precious metals, silver fell 1.1 percent to $58.49 an ounce in spot trading, platinum rose 0.4 percent to $1,620.15, and palladium slipped 0.4 percent to $1,204.25.