Trump win would bring gold closer to 2,900, says UBS analyst
Gold up 33 so far this year
Silver touches more than twoweek low

Nov 4 Reuters Gold prices were little changed on Monday as investor caution prevailed ahead of the U.S. presidential election and looming Federal Reserve decision on interest rates.

Spot gold held its ground to stand at 2,738.27 an ounce at 1053 GMT, having hit a record high of 2,790.15 last Thursday.

U.S. gold futures were down 0.1 at 2,747.10.

The U.S. presidential election is on Tuesday, with opinion polls showing Democratic candidate Kamala Harris and Republican Donald Trump neck and neck .

The driver for gold this week will be the U.S. election. The Fed cut is unlikely to trigger much movement in my view, as the bank is likely to signal further cuts in line with market expectations, said UBS analyst Giovanni Staunovo.

We believe a Trump victory would bring the gold price closer to our 2,900 per ounce target more quickly, while a Harris win could see gold temporarily dropping.

The U.S. central bank rate decision and Chair Jerome Powell39;s remarks are due on Thursday. Traders give close to a 100 chance of a quarterpoint rate cut, the CME FedWatch tool shows.

Bullion has gained 33 this year and hit multiple record peaks along the way. It is traditionally seen as a hedge against economical and political uncertainty and tends to do well when interest rates are low.

The dollar index was down 0.6, hitting a twoweek low. A weaker U.S….