The gold price has risen for five consecutive days as anxious traders increase their exposure to the yellow metal prior to next week’s U.S. election.

Wall Street's attention is fixed on the U.S. presidential race with the latest polls indicating the gap between Hilary Clinton and Donald Trump is narrowing. Trump is perceived as the riskier candidate and, should Trump prevail, many are forecasting a sharp increase in the gold price. Even the most conservative analysts are expecting the gold price to climb by at least 10% in the first 12 months of a Trump presidency. Historically, gold has performed well following a change in administration.

HSBC expects the price to rise regardless of the result as both candidates are in favour of deficit spending and protectionist policies.

The Fed ends its latest two-day meeting on Wednesday and are likely to announce their intention to raise interest rates in December. An increase in interest rates typically dents gold's safe haven appeal.

Investors have been increasing their exposure to exchange traded funds with assets under management increasing for the sixth consecutive month. According to Bloomberg data exchange traded funds hold 2,043 metric tons of gold.