Gold prices were little changed on Tuesday ahead of the U.S. midterm elections that may fuel interest in the metal as a hedge against risk if the result sparks volatility in the wider financial markets.
Spot gold was largely unchanged at $1,231.20 per ounce, as of 0747 GMT, while U.S. gold futures were up 0.1 percent at $1,233.8 per ounce.
Opinion polls show strong chances the opposition Democratic Party may take over the House of Representatives after two years of wielding no practical political power in Washington, while Donald Trump’s Republican Party is likely to retain the Senate.
Bullion traders also awaited a meeting of the Federal Reserve due later this week to gauge the outlook for U.S. monetary policy, analysts said.
Higher U.S. interest rates tend to boost the dollar, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion.