PRECIOUS-Gold set for worst monthly drop in 14 on Trump's political comeback

* Gold down nearly 3% in Nov, set for worth month since Sept 2023 * Silver, platinum and palladium also down in Nov so far * Russia hits Ukrainian energy facilities (Updates with mid-session trading) By Daksh Grover Nov 29 (Reuters) - Gold prices rose on Friday, supported by a dip in the dollar and rising geopolitical tensions, but remained set for their biggest monthly decline in more than a year following Donald Trump's U.S. election victory. Spot gold XAU= was up 0.8% at $2,661.14 per ounce, as of 0742 GMT, while U.S. gold futures GCv1 also gained 0.8% to $2,660.80. The Israeli military said its air force struck a facility used by Hezbollah to store mid-range rockets in southern Lebanon on Thursday amid mutual ceasefire breach accusations. Additionally, Russia unleashed its second big attack on Ukraine's energy infrastructure this month on Thursday, triggering deep power cuts across the country. The rising geopolitical tensions are making investors flock to gold in the hopes of capitalising on the potential price hike, said Brian Lan, managing director at Singapore-based dealer GoldSilver Central. Bullion is traditionally seen as a safe investment during economic and geopolitical uncertainties. "The slight weakening of the dollar has helped gold prices to gain," Lan said. The dollar index .DXY eased 0.4%, boosting gold's appeal for holders of other currencies. USD/ Despite the gain on the day, gold is set for a weekly fall after a sharp sell-off earlier in the week. Prices have slid about 3% this month, including hitting a 2-month low on Nov. 14, as the dollar rallied after Donald Trump was elected to be the next U.S. president. Economists believe his tariff plans would stoke inflation, potentially slowing the Federal Reserve's interest rate-easing cycle. "We note strong downside risks and anticipate significant volatility (in 2025) as we will likely see the U.S. Fed take a more cautious approach to interest rate cuts, to the detriment of gold," BMI said in a note. Major U.S. data releases next week - including job openings, the ADP employment report and the employment report - will likely offer cues about the Fed's policy outlook. Spot silver XAG= added 1.3% to $30.66 per ounce, platinum XPT= gained 1% to $940.34 and palladium XPD= advanced 1.5% to $990.25. All three metals are set for monthly declines. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/4eTa87l ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Daksh Grover in Bengaluru; additional reporting by Swati Verma; Editing by Sumana Nandy, Savio D'Souza and Sherry Jacob-Phillips) (([email protected];))