Gold hit a more than six-month low on Thursday, as fresh U.S. strikes on Iran drove oil prices higher, deepening concerns around inflation and higher-for-longer interest rates.FUNDAMENTALSSpot gold was down 0.2% at $4,063.87 per ounce, as of 0043 GMT, after hitting its lowest level since November 21 ‌earlier in ⁠the day. U.S. gold futures for August delivery were down 1.1% at $4,086.50.The United States began a fresh round of strikes against multiple targets overnight in Iran, the U.S. military said on Wednesday, hours after President Donald Trump vowed new attacks if no peace deal is secured.Oil prices climbed more than $2 on Thursday, as Iran ⁠declared the ‌closure of the Strait of Hormuz following the U.S. strikes. [O/R]Elevated crude oil prices can accelerate inflation, and ⁠while gold is seen as a hedge against inflation, higher interest rates tend to weigh on the non-yielding metal.Data showed that U.S. consumer inflation increased at its fastest pace in three years in May, boosted by surging prices for energy products amid the Middle East conflict, and giving more ammunition for the Federal Reserve to keep interest ‌rates unchanged into 2027.Markets are awaiting the May U.S. Producer Price Index data, due later in the day, to further assess the ⁠Fed's monetary policy stance.Ivory Coast's gold output is expected to reach 62 metric tons in 2026, up from 59.33 tons in 2025, as established mines expand operations, the West African country's director general of mines told Reuters. Spot silver fell 0.9% to $63.15 per ounce, platinum lost 0.6% to $1,655.06, while palladium gained 1% to $1,225.25.DATA/EVENTS (GMT) 1215 EU ECB Refinancing, deposit Rate Jun 1230 US Initial Jobless Clm Jun 6, w/e 1230 US PPI Machine Manuf'ing May