Gold advanced as the dollar weakened after President Donald Trump's party lost full control of Congress in the U.S. midterm election.
Bullion for immediate delivery added 0.5% to $1,233.55/oz. Bloomberg Dollar Spot Index weakened 0.5%.
Fitch Solutions Macro Research said it's neutral on prices in the next six months, citing monetary policy normalization by the Fed and a stronger dollar, which will limit the attractiveness of gold. It predicted a “modest rebound” in prices over 2019 and 2020 as the U.S. economy starts to slow.
The Fed is expected to leave the main interest rate unchanged at a meeting on Thursday.
Holdings in gold-backed ETFs rose to 2,135.5 tons as of Tuesday, highest since Aug. 10.
Silver +1%, platinum +0.9%, highest since June and palladium +0.3%.