PRECIOUS-Gold gains as dollar dips in run-up to U.S. election verdict

* Dollar index falls
* Gold can break above $2,000/oz due to election chaos -
analyst
* Investors bet on Joe Biden win
* Markets await U.S. Fed's two-day policy meeting
* Interactive graphic tracking global spread of coronavirus:
open
* https://tmsnrt.rs/3aIRuz7 in an external browser

(Updates prices)
By Sumita Layek
Nov 3 (Reuters) - Gold rose on Tuesday as the dollar slipped
and ambiguity regarding the declaration of U.S. presidential
results prompted investors to seek the refuge of the safe-haven
metal.
Spot gold XAU= rose 0.7% to $1,907.96 per ounce by 1:43
p.m. EST (1649 GMT). U.S. gold futures GCv1 settled up 0.9% at
$1,910.40.
"The sole driver behind gold prices is the high likelihood
that there is going to be chaos surrounding the U.S. elections,
from the predictions of not having a president by tonight," said
Jeffrey Sica, founder of Circle Squared Alternative Investments.
Despite Democrat Joe Biden's consistent lead in national
polls, the contest is close in swing states, and it may be days
before the result is known due to delays in ballot counting.
"We're going to break above $2,000 an ounce levels with a
potential of an all-time high by the (presidential) inauguration
(on Jan. 20)," Sica said, adding that gold is going to have
significant momentum until the next president is decided and
then it will depend on further stimulus.
Bullion also received support from a falling dollar .DXY ,
as investors bet on victory by Biden, who could potentially
inject a larger stimulus into the virus-hit economy. USD/
The pandemic continued to rage with several European
countries under fresh lockdowns. "The election result, when we get it, is likely to be
gold-friendly with a likely weakening dollar, fresh stimulus,
rates in negative territory and a likelihood that the Fed will
start buying longer term assets," StoneX analyst Rhona O'Connell
said in a note.
The Federal Open Market Committee will begin its two-day
meeting on Wednesday. Gold prices had climbed to an all-time high of $2,072.50 an
ounce in August, but have since come down on reduced holdings by
gold Exchange Traded Funds (ETF).
Silver XAG= rose 0.7% to $24.20 per ounce. Platinum XPT=
rose 1.3% to $869.87 and palladium XPD= gained 3.4% at
$2,287.03.

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