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Gold down nearly 3% in Nov, worst month since Sept 2023

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Silver, platinum and palladium also down in Nov so far

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Dollar set for 2% gain in November

(Recasts market report)

By Rahul Paswan

Nov 29 (Reuters) - Gold prices gained about 1% on

Friday, supported by a weaker greenback and geopolitical woes,

but were on course for their worst monthly performance since

September 2023 due to a dollar rally this month following Donald

Trump's U.S. election victory.

Spot gold climbed 0.9% to $2,664.11 per ounce, as of

1001 GMT, but set for a weekly fall of about 2% after a sharp

sell-off earlier this week. U.S. gold futures also gained

0.9% to $2,664.50.

Bullion has declined more than 3% so far in November, its

worst monthly performance since September 2023, as traders

expect the prospect of higher tariffs under Trump administration

to keep interest rates higher for longer.

The dollar index fell to its lowest point since Nov.

12, but remains on track for a 2% rise in November.

Gold has seen a significant rise this year, and we are

witnessing a sharp decline this month due to substantial

profit-booking after Trump's victory and the rally in U.S.

dollar following the election results, said Jigar Trivedi, a

senior analyst at Reliance Securities.

Gold is often seen as a safe-haven asset during times of

economic or political uncertainty, including trade wars, but

higher rates increase the opportunity cost of holding

non-yielding bullion.

"The Middle East concerns have been slightly off due to the

ceasefire talk, but on the contrary Russia-Ukraine concerns are

still prevailing in the market," said Ajay Kedia, director at

Kedia Commodities, Mumbai.

Israel's military said on Thursday that an arrival of

suspects, was detected in several areas in southern Lebanon, and

called it a violation of a ceasefire with Hezbollah.

Additionally, Russia unleashed its second big attack on

Ukraine's energy infrastructure this month on Thursday.

Investors await major U.S. economic data releases next week,

including job reports, for clues on the Federal Reserve's future

rate cut outlook.

Spot silver added 1.5% to $30.71 per ounce, platinum

gained 1.5% to $944.70 and palladium advanced 1.4%

to $987.08, though all were set for monthly losses.