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Ammon News - Gold prices were largely flat on Wednesday as investors keenly awaited the outcome of a tightly-contested U.S. presidential race.

Spot gold slipped 0.1% to $2,740.28 per ounce, as of 0545 GMT. Bullion hit a record high of $2,790.15 last Thursday.

U.S. gold futures were little changed at $2,749.00.

Republican Donald Trump defeated Democrat Kamala Harris in the key battleground states of North Carolina and Georgia in Tuesday's U.S. election, according to projections by Edison Research, bringing him closer to an unexpected political comeback.

It's 95% about the U.S. election this week, with a 5% splash of the Federal Reserve to add a touch of spice, said Kyle Rodda, financial market analyst at Capital.com.

"Gold is a part of the Trump trade and in the long term ought to benefit from a Trump victory, mostly due to the impacts of huge deficit spending but also because of potentially more uncertain U.S. foreign policy," said Rodda.

Traders are also awaiting the Fed's two-day policy meeting, which concludes on Thursday, and Chair Jerome Powell's remarks for further directions on interest rates.

Reuters