Google’s location-based Latitude service is coming to the iPhone within hours, Google mobile VP Vic Gundotra said at the Fortune Brainstorm Tech conference this morning.

Gundotra said the latest iPhone OS update, which enables location-based services in the browser, paved the way for Latitude.

UPDATED: Google’s blog post on the news is here.(AAPL) (GOOG) (RIMM)