Nov 11 (Reuters) - Gold prices were flat on Thursday after a surge in U.S. consumer prices drove the metal, seen as an inflation hedge, to a five-month peak in the previous session. FUNDAMENTALS * Spot gold was little changed at $1,850.00 per ounce by 0100 GMT, after hitting its highest since June 15 on Wednesday. * U.S. gold futures gained 0.2% to $1,852.00. * U.S. consumer prices accelerated in October as Americans paid more for gasoline and food, leading to the biggest annual gain in 31 years, more signs that inflation could stay uncomfortably high well into 2022 amid snarled global supply chains. * Gold is often viewed as a hedge against rising price levels. * In another report on Wednesday, the U.S. Labour Department said initial jobless claims last week fell to the lowest level since the middle of March in 2020. * San Francisco Federal Reserve Bank President Mary Daly on Wednesday said she expects high inflation to moderate once COVID-19 recedes, and repeated that it would be “quite premature” to raise rates now or even to speed up the Fed’s bond-buying taper. * Easy monetary policy to spur economic growth amid the pandemic have propelled gold prices to new highs over the last two years, as near-zero interest rates cut the opportunity cost of holding non-yielding bullion. * Bullion’s gains came despite the dollar holding close to its highest in over a year. A stronger dollar reduces gold’s appeal as it raises the cost of purchasing gold for buyers holding other currencies. * Spot silver rose 0.2% to $24.68 per ounce. Platinum was up 0.1% at $1,068.00, while palladium gained 0.5% to $2,031.70. DATA/EVENTS (GMT) 0700 UK GDP Prelim Q/Q Q3 0700 UK GDP Prelim YY Q3 (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)