- Gold prices rose in Asian trading on Monday, remaining close to record levels amid expectations of a fierce U.S. presidential election and the approaching Federal Reserve meeting, which kept demand for gold as a haven high.

- The yellow metal was also supported by weakness in the dollar following the release of nonfarm payroll data that came in much lower than expected last week, enhancing the prospects for further interest rate cuts by the Fed.

- However, the yellow metal is still facing a significant decline from recent record highs, primarily affected by profit-taking at the end of October.

- Spot gold increased by 0.2% to $2,741.31 an ounce, while December gold futures steadied at $2,750.40 an ounce.

- Recent polls showed that Donald Trump and Kamala Harris are largely neck-and-neck in the upcoming election, with voting set for tomorrow, Tuesday.

- Particular focus is on seven battleground states that are likely to determine the direction of the election. Polls indicate that Harris has a strong base of support among women, while Trump is favored predominantly by young men.

- Gold also received support from recent declines in the dollar, which fell from three-month highs following the weak jobs data released last week. The data indicated that the U.S. labor market barely grew in October, with downward revisions for the previous two months pointing to a slowdown in the labor market.

- This reading is expected to provide stronger justification for the Federal Reserve to cut interest rates. The central bank is widely anticipated to reduce rates by 25 basis points later this week, although its plans for future cuts remain uncertain.

- Gold benefits from lower interest rates, as they reduce the opportunity cost of investing in non-yielding assets.

- On the other hand, platinum futures rose by 0.4% to $1,006.75 an ounce, while silver futures increased by 0.3% to $32.773 an ounce.

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