Mubasher: Gold prices declined for the fourth consecutive session on Tuesday, despite a mixed performance by the US dollar.

The market anticipated the results of the midterm elections, in which the Democrats are highly expected to take back control over the majority of seats in the House of Representatives, while the Republicans could maintain their slim majority in the Senate.

Gold futures for December delivery decreased by 0.5% and settled at $1,226.30 per ounce.