(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.

The outcome of the U.S. midterm elections on Tuesday will, of course, also be a major focus of gold investors. It's largely believed that the Republicans retake the House and the Democrats will retain the Senate majority, though by a narrower margin. While some see a spike in the U.S. dollar with this outcome and selling pressure on gold, others foresee minimal long-term bullish impact on the greenback, given the greater desire for tax reductions.

Economic data released on Monday include personal income and the ISM (Institute for Supply Management) manufacturing survey.

In October, manufacturing activity in the U.S. grew faster than expected, according to The Institute for Supply Management's manufacturing index. The index climbed to 56.9 in October, from 54.4 in September. Economists had thought the readings would fall to 54.

Meanwhile, the U.S. Department of Commerce reported a surprise drop in personal income and spending in September and less-than-expected personal spending growth. Personal income fell by 0.1%, after increasing 0.4% in August. Economists on average thought personal income would rise by 0.2%.

Personal spending grew 0.2% during in September, less than the 0.5% increase in July and August and below the consensus estimate of 0.4%.

Silver prices were up 5 cents to $24.61, while copper prices were 5 cents higher at $3.78.

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Gold mining stocks, a risky but profitable way to buy gold, were trading in mixed territory Monday afternoon.

NovaGold Resources ( NG) was gaining 3.7% to $11.63, while New Gold ( NGD) was adding 3.1% to $7.63. Northgate Minerals ( NXG) was falling 1.4% to $2.77 and Market Vectors Junior Gold Miners ETF ( GDXJ) was up 0.4% to $36.32.

-- Written by Andrea Tse in New York.

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