Gold prices are steady as market participants braced for the outcome of the US presidential election, with opinion polls suggesting a neck-and-neck race between Democrat candidate Kamala Harris and Republican Donald Trump, Reuters reports.

Spot gold changed only a little at $2,738.83 per ounce by 1045 GMT, having hit a record high of $2,790.15 last week. US gold futures edged up 0.1 per cent to $2,748.20.

The precious metal should rise if Harris wins due to her policies supporting low interest rates, but a sudden dollar spike could reduce gold’s value if Trump wins, Han Tan, chief market analyst at Exinity Group, said.

“Gold traders and investors are likely to withhold their responses until early signals emanate from the US presidential race,” said Tan. Gold should ultimately claim the $2,800 handle “once the dust settles” after the election, he added.