Gold was flat on Monday as investors braced for a crucial week for the global economy due to the U.S. presidential election and the likelihood of another interest rate cut from the Federal Reserve.
Spot gold rose 0.1% to $2,738.32 an ounce, by 0227 GMT. Bullion hit a record high of $2,790.15 on Thursday.
U.S. gold futures were flat at $2,747.80.
This week's uncertainty could benefit gold, as delays in the election outcome or split control of the House and Senate could lead to safe haven flows, pushing gold prices higher , said Tim Waterer, chief market analyst at KCM Trade.
The US presidential election takes place on Tuesday, and opinion polls are too close to pick a winner between Democratic candidate Kamala Harris and Republican Donald Trump.
“The U.S. dollar lost some traction to start the week, which left the door open for gold to move higher,” Mr. Waterer said.
The dollar index was down 0.5%, holding near a near two-week low hit in the previous session. A weaker dollar makes gold more attractive to holders of other currencies. [USD/]
The market is also focused on the Fed's interest rate decision and Chairman Jerome Powell's remarks on Thursday.
Currently, traders anticipate a 98% chance of a quarter-point rate cut this week, the CME's FedWatch tool showed.
Gold is considered a safe investment during times of economic and geopolitical turmoil and it thrives in a low interest rate environment.
In China, the Standing Committee of the National People's Congress meets from November 4-8, and markets expect new fiscal stimulus measures to be approved. China is a major consumer of metals.
Among other metals, spot silver rose 0.3% to $32.51 an ounce. It hit its lowest level in more than two weeks earlier in the session.
Platinum edged up 0.3% to $994.85 and palladium climbed 0.8% to $1,106.75.
