Gold prices were a tad lower on Wednesday after rising more than 2 percent in the previous session to reach one-month highs amid the dollar's retreat.
Spot gold slipped 0.2 percent to $1,708.23 per ounce, while U.S. gold futures were down 0.3 percent at $1,710.60.
The dollar edged higher in early European trade as investors monitored results from the U.S. mid-term election.
Early results from the elections showed Republicans are likely to narrowly win control of the U.S. House.
Equity markets are betting on the possibility of a divided government that could prevent major policy changes.
Investors also await the U.S. consumer price inflation report due on Thursday, which might suggest the path for interest rates ahead.
Economists expect a modest slowdown in the annual rate of consumer price growth, which could add to optimism about a slowdown in the pace of rate hikes.
Official data showed earlier in the day that consumer prices in China were up 2.1 percent on year in October.
That was shy of expectations for an increase of 2.4 percent and down from 2.8 percent in September.
Producer prices slipped 1.3 percent on year in October, beneath expectations for a decline of 1.5 percent following the 0.9 percent increase in September.
