PRECIOUS-Gold slips as fresh US-Iran strikes boost oil, Fed rate-hike bets weigh

* Iran, U.S. agree to halt attacks and renew talks, Axios reports

* Iran launched strikes on U.S. military sites in Bahrain, Kuwait

* U.S. ADP employment and NFP data due this week (Updates prices as of 0423 GMT)

By Pablo Sinha

June 29 (Reuters) - Gold prices eased on Monday as recent U.S.-Iran strikes in the Gulf pushed oil prices higher, while expectations of U.S. Federal Reserve interest rate hikes further weighed on the non-yielding metal.

Spot gold was down 0.6% at $4,062.89 per ounce, as of 0423 GMT. U.S. gold futures for August delivery lost 0.5% to $4,077.50. The metal was headed for a fourth consecutive monthly loss of 10.4%.

"U.S. and Iran were at it again over the weekend, with fresh military strikes reported from both parties, which casts further doubt over how long oil can stay at these subdued levels and therefore over the broader inflation and interest rate outlook," said Tim Waterer, chief market analyst at KCM Trade.

Oil prices rose after Iran launched missiles and drones at U.S. military sites in Kuwait and Bahrain early on Sunday, shortly after U.S. President Donald Trump threatened to wipe out the Iranian leadership if they did not stick to the agreement to end their war.

However, Tehran and Washington agreed to halt recent hostilities in the Gulf and renew talks regarding their dispute over the Strait of Hormuz, Axios reported on Sunday.

Elevated crude oil prices can fuel inflation and chances of interest rate hikes, and while gold is typically seen as an inflation hedge, it loses its appeal as a non-yielding asset in a high interest-rate environment.

Traders expect three Fed rate hikes this year and are pricing in an about 80% chance of a December increase, according to the CME FedWatch Tool.

Investors are now looking out for June's ADP employment data and the U.S. nonfarm payrolls data, both due later this week, to further gauge the Fed's monetary policy stance.

"Gold could see the $5,000 level again this year but this would be based on further de-escalation, oil having a sustained move to pre-war levels to dull the inflationary impact of the conflict, and a softer dollar," said Waterer.

Spot silver fell 1.2% to $58.47 per ounce, while platinum gained 0.2% to $1,617.15 and palladium rose 0.4% to $1,213.60. (Reporting by Pablo Sinha in Bengaluru; Editing by Sherry Jacob-Phillips and Subhranshu Sahu)