Gold steadied on Tuesday as investors held back on risk ahead of the U.S. presidential election and awaited the Federal Reserve's monetary policy meeting later this week.

Spot gold was at $2,734.71 an ounce by 0013 GMT, after hitting a record high of $2,790.15 on Thursday.

US gold futures fell slightly by 0.1% to $2,743.40 an ounce.

Among other precious metals, spot silver fell 0.3% to $32.36 an ounce. Platinum also lost 0.3% to $980.81, while palladium fell 0.3% to $1,071.14.