Nov 15 (Reuters) - Gold prices eased on Monday, pulling back from a more than five-month peak hit in the last session, as a firm dollar dimmed its appeal. FUNDAMENTALS * Spot gold fell 0.3% to $1,857.96 per ounce by 0154 GMT, while U.S. gold futures dropped 0.4% to $1,860.50 per ounce. * The dollar index hovered close to a 16-month high, pressuring bullion by increasing its cost to buyers holding other currencies. * Minneapolis Federal Reserve Bank President Neel Kashkari said on Sunday he expects higher inflation continuing over the next few months but warned that the U.S. central bank should not overreact to elevated inflation as it is likely to be temporary. * Euro zone inflation may fall more slowly than earlier thought, partly on persistent supply chain bottlenecks, but the European Central Bank (ECB) must not overreact by removing stimulus too quickly, two ECB policymakers said on Friday. * Gold has benefited from easy monetary policy introduced to spur economic growth during the COVID-19 pandemic, but any hike in interest rates should reduce the non-interest bearing’s metal’s appeal as it raises its opportunity cost. * The Bank of England will be the first major central bank to raise interest rates but whether that initial increase comes as soon as next month or if it waits until early next year has divided economists polled by Reuters. * The number of Americans voluntarily quitting their jobs rose to a record high in September while job openings stayed stubbornly above pre-pandemic levels, a sign that businesses may have to continue to raise wages in order to attract workers. nL1N2S31CX] * Spot silver fell 1.1% to $25.00 per ounce. Platinum dropped 0.6% to $1,075.91 and palladium was down 0.9% at $2,088.96. (Reporting by Nakul Iyer in Bengaluru; editing by Uttaresh.V)