Nov 3 (Reuters) - Gold prices were little changed on Tuesday, after rising nearly 1% in the previous session, as caution set in ahead of the U.S presidential elections. FUNDAMENTALS * Spot gold was little changed at $1,892.51 per ounce by 0123 GMT * U.S. gold futures were also little changed at $1,893.00 per ounce. * Election polls show Democrat candidate Joe Biden with an outright majority nationally but the race between both Biden and president Donald Trump remains closer in several battleground states. * The Federal Open Market Committee (FOMC) will begin its two-day meeting on interest rate policy on Wednesday, with policymakers expected to reaffirm its commitment to support the pandemic-struck economy and keep interest rates unchanged. * Gold, which is seen as a hedge against inflation and currency debasement, has gained over 24% so far this year on unprecedented stimulus measures and expectations for inflation due to it. * The dollar index dipped 0.1% against a basket of currencies, having hit a one-month high on Monday. * Italy will tighten COVID-19 restrictions amid surging cases, hospital admissions and deaths, while reports showed new pandemic cases hit record highs last week in the United States. * More than 46.62 million people have been reported to be infected by the novel coronavirus globally. * U.S. manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in nearly 17 years. * Holdings in the SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, fell 0.14% to 1,255.92 tonnes on Monday from 1,257.67 tonnes on Friday. * Silver fell 0.3% to $23.97 an ounce. Platinum dropped 0.3% to $856.04 and palladium gained 0.2% to $2,216.45. DATA/EVENTS (GMT) 0330 Australia RBA Cash Rate Nov 1500 US Factory Orders MM Sept (Reporting by Nakul Iyer in Bengaluru; Editing by Rashmi Aich)
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