PRECIOUS-Gold steady as markets brace for US election, likely Fed rate cut

* US presidential election on Tuesday * Traders see 100% chance of 25-bp Fed rate cut on Thursday * US dollar index down 0.5% (Updates prices and graphics) By Daksh Grover Nov 4 (Reuters) - Gold held steady on Monday as investors prepared for a key week for the global economy in which U.S. voters elect a president and the Federal Reserve could cut interest rates again. Spot gold XAU= edged up by 0.2% to $2,739.63 per ounce as of 0730 GMT. Bullion hit a record high of $2,790.15 on Thursday. U.S. gold futures GCv1 were steady at $2,749.30. The U.S. presidential election is on Tuesday, with opinion polls too close to call a winner between Democratic candidate Kamala Harris and Republican Donald Trump. That uncertainty could benefit gold, as delays in the election outcome or split control of the House and Senate might drive safe-haven flows, pushing gold prices higher, said Tim Waterer, chief market analyst at KCM Trade. "The U.S. dollar has lost some traction to start the week, which has left the door open for gold to grind higher." The dollar index .DXY was down 0.5%, holding close to a near 2-week low hit in the previous session. A weaker dollar makes gold more appealing for other currency holders. USD/ The market's focus is also on the Fed's interest rate decision -- traders overwhelmingly expected a 25 basis point cut, per the CME FedWatch tool -- and Chair Jerome Powell's remarks on Thursday. Gold is considered a safe investment during times of economic and geopolitical turmoil as it thrives in a low rate environment. In China, a key metals consumer, the Standing Committee of the National People's Congress meets from Nov. 4-8, with markets widely expecting the approval of more fiscal stimulus measures. Among other metals, spot silver XAG= rose 0.9% to $32.71 per ounce. It hit a more than 2-week low earlier in the session. Platinum XPD= gained 0.7% to $999.35 and palladium XPT= climbed 0.9% to $1,107.80. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Spot gold price in USD per oz https://reut.rs/3YBoR0i ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Daksh Grover in Bengaluru; Editing by Rashmi Aich, Subhranshu Sahu, Janane Venkatraman and Savio D'Souza) (([email protected];))