(Gold story updated with price changes, more details on Monday's economic data)
NEW YORK ( TheStreet) -- Gold prices were falling Monday afternoon as investors braced for results of the U.S. midterm elections, the outcome of the upcoming Federal Reserve meeting this week and as the dollar received a boost after better-than-expected economic data was released.
Gold rose as "expectations the Federal Reserve will unveil further U.S. monetary easing at a meeting on Nov. 2/3 pressured the dollar," RBC Wealth Management senior vice president and financial consultant George Gero said in a morning note.
Gold for December delivery was falling $6.50 to $1,351.10 an ounce at the Comex division of the New York Mercantile Exchange. The gold price Monday has traded as high $1,366.40 and as low as $1,349.10.
The U.S. dollar index was firming by 0.3% to $77.24, while the euro was down 0.4% to $1.39 against the dollar. The spot gold prices were falling by $8, according to Kitco's gold index.The FOMC meeting is slated for Tuesday and Wednesday, after which, on Wednesday, the Federal Reserve is expected to announce a fresh round of quantitative easing to help jumpstart the U.S. economy. The measure, once carried out, is expected to put pressure on the U.S. dollar and help lift the yellow metal. However, investors are still wondering about the size of the measure, which many believe will initially be $500 billion. If the package turns out to be less than expected, that could put pressure on the yellow metal. Also meeting this week are The Bank of England, the European Central Bank and the Bank of Japan.