Gold stuck to a narrow range during Asian hours on Tuesday as investors remained wary of the implications of the outcome of the US presidential election. The metal dropped nearly 2 percent in its previous session after the Federal Bureau of Investigation (FBI) said no criminal charges were warranted against Democratic candidate Hillary Clinton for using a private email server.
"Election headlines are still dictating flows and the recent stability in the Clinton camp brought about via the FBI headlines has calmed the nerves of some participants for now," MKS PAMP Group trader Sam Laughlin said. Spot gold was up 0.25 percent at $1,284.53 an ounce by 0700 GMT. The metal touched a low of $1277.70 on Monday. US gold futures were up 0.45 percent at $1,285.10 per ounce. "The initial gold reaction to a Clinton win is likely to be negative as any shift into risk-on instruments could press gold lower, at least initially," HSBC analyst James Steel said in a note.