Investing.com - Gold prices inched lower while the dollar traded slightly higher on Tuesday ahead of the closely watched U.S. midterm elections later in the day.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped 0.1% at $1,231.7 a troy ounce by 1:02 AM ET (05:02 GMT).

The U.S. dollar index that tracks the greenback against a basket of other currencies was up 0.1% at 96.19.

Voters will determine whether or not Democrats will take control of the House of Representatives - an outcome that could make it more difficult for U.S. President Donald Trump to enact legislation. Republicans are seen as likely to keep control of the Senate.

Concerns over global trade tensions also remained in focus amid doubts over the potential for a trade deal between the U.S. and China.

Chinese President Xi Jinping said at the International Import Expo on Monday that he supports globalization, but did not announce any detailed measures that would suggest he was going to meet Washington's trade demands.

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