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Gold stuck to a narrow range during Asian hours on Tuesday as investors remained wary of the implications of the outcome of the U.S. presidential election.

Clinton has about a 90 percent chance of defeating Trump in the race for the White House, according to the final Reuters/Ipsos States of the Nation project.

"The initial gold reaction to a Clinton win is likely to be negative as any shift into risk-on instruments could press gold lower, at least initially," HSBC analyst James Steel said in a note. "Gold could drop to the $1,250-1,220 per ounce area where upon we would expect physical demand to increase and risk selling to wane," he added.

Clinton advanced Trump 3 percentage point.

Elevated gold prices and India’s push for more transparency on purchases and income disclosure will cut the nation’s demand for bullion in 2016 to its lowest in seven years, before consumption recovers in 2017, according to the World Gold Council.

The WGC trimmed its demand estimate for a second time this year to between 650 and 750 metric tons, after lowering its forecast by 100tons in August. Those would be the weakest figures for India since the 578.5 tons consumed in 2009. Demand last year was 858.1 tons, according to council data.

“This is a one-off thing. This year has been exceptional from various points of view,” P.R. Somasundaram, managing director of the WGC in India, said by phone from Mumbai, ahead of the council’s quarterly report. “Next year we can see a recovery to normal levels,” which he pegged in the range of 800 to 1,000 tons.

Reference: Bloomberg, Reuters, Real Clear Politics