Gold Fell Ahead Election, After Gaining Dollar

Gold futures on the Comex division of the New York Mercantile Exchange fell slightly Monday ahead of Tuesday's U.S. presidential elections and softer oil prices kept bullion buyers scarce.

The December contract futures dropped $1.20 to $428.20 per ounce.

Dealers said the $2 plunge in crude oil prices Monday and the U.S. dollar's recover were the main factors suppressing gold through the day.

However, in the context of long-term legal disputes widely expected over the election results few holders of gold appear set to offload the metal with any great vigor over the near term.

Spot gold fetched $426.75/7.50, below Friday's New York close at $428.15/8.90. Monday's late London fix was at $428.85.