04.11.202010:15:00UTC+00Gold Falls As Dollar Gains After Trump Comments

Gold prices fell on Wednesday and the dollar index is seen posting its biggest single-day gain since mid-August as the U.S. presidential race turned out to be much closer than investors had expected.

Spot gold fell about 1 percent to $1,889.38 per ounce, while U.S. gold futures were down 1.1 percent at $1,888.60.

Early voting results showed a close contest between President Donald Trump and Democratic rival Joe Biden as Republicans performed more strongly than opinion polls. Biden is ahead of Trump in Electoral College votes, having 227 votes to the Republican incumbent's 213, according to New York Times.

Polls have closed and voting has stopped across the country, but the mail-in ballots could take days to be counted.

Despite incomplete results from several battleground states, Trump prematurely declared victory against Biden and said he will go to the Supreme Court to dispute election count.