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PRECIOUS-Gold steady as investors brace for U.S. elections

    Nov 3 (Reuters) - Gold prices were little changed on
Tuesday, after rising nearly 1% in the previous session, as
caution set in ahead of the U.S presidential elections.      
    
    FUNDAMENTALS
    * Spot gold        was little changed at $1,892.51 per ounce
by 0123 GMT     
    * U.S. gold futures        were also little changed at
$1,893.00 per ounce.    
    * Election polls show Democrat candidate Joe Biden with an
outright majority nationally but the race between both Biden and
president Donald Trump remains closer in several battleground
states.                  
    * The Federal Open Market Committee (FOMC) will begin its
two-day meeting on interest rate policy on Wednesday, with
policymakers expected to reaffirm its commitment to support the
pandemic-struck economy and keep interest rates unchanged.
            
    * Gold, which is seen as a hedge against inflation and
currency debasement, has gained over 24% so far this year on
unprecedented stimulus measures and expectations for inflation
due to it.  
    * The dollar index        dipped 0.1% against a basket of
currencies, having hit a one-month high on Monday.           
    * Italy will tighten COVID-19 restrictions amid surging
cases, hospital admissions and deaths, while reports showed new
pandemic cases hit record highs last week in the United States.
                         
    * More than 46.62 million people have been reported to be
infected by the novel coronavirus globally.              
    * U.S. manufacturing activity accelerated more than expected
in October, with new orders jumping to their highest level in
nearly 17 years.             
    * Holdings in the SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, fell 0.14% to 1,255.92 tonnes
on Monday from 1,257.67 tonnes on Friday.             
    * Silver        fell 0.3% to $23.97  an ounce. Platinum
       dropped 0.3% to $856.04 and palladium        gained 0.2%
to $2,216.45. 
   
    DATA/EVENTS (GMT)
    
0330  Australia  RBA Cash Rate      Nov
1500  US         Factory Orders MM  Sept
    
    

 (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)
  
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