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PRECIOUS-Gold up 2 pct on speculation over U.S. election

* Speculation of Obama win sparks sudden midday rally

* U.S. presidential race in focus, could set tone for Fed

NEW YORK, Nov 6 (Reuters) - Gold rose 2 percent on Tuesday, as speculation of an election win for U.S. President Barack Obama and higher hopes for Federal Reserve stimulus fueled an abrupt midday rally. After trading just 0.5 percent higher throughout the morning, the metal suddenly jumped $20 in minutes on heavy bets that a victory for Democrat Obama would lead to an extension of the Fed's easy monetary policy. Some analysts said a Republican team that champions fiscal responsibility and is sceptical of Fed stimulus would be unlikely to renominate Fed Chairman Ben Bernanke for a third term in 2014. ``Gold rallied in oversold conditions because early poll indications suggested Obama could win, and that bolstered hopes of Bernanke and Fed stimulus,'' COMEX gold options floor trader Jonathan Jossen said. Still, polls before Tuesday showed Obama and Republican challenger Mitt Romney neck-and-neck in a race that will be decided in a handful of battleground states. Spot gold gained 2 percent to $1,717.09 an ounce by 1:11 p.m. EST (1811 GMT). Some analysts also cited technical buying after gold rebounded from key support at its 100-day moving average in the last several sessions. U.S. COMEX gold futures for December rose $34.30 to $1,717.50, with trading volume on track to finish above average, preliminary Reuters data showed.

Prices at 1:11 p.m. EDT (1811 GMT)

LAST NET PCT YTD CHG CHG CHG US gold 1717.50 34.30 2.0% 9.6% US silver 32.085 0.957 3.1% 14.9% US platinum 1558.90 16.20 1.1% 11.4% US palladium 619.50 16.50 2.7% -5.6%Gold 1717.09 33.10 2.0% 9.8% Silver 32.05 0.90 2.9% 15.7% Platinum 1553.74 14.50 0.9% 11.5% Palladium 616.72 7.75 1.3% -5.5%Gold Fix 1691.00 -0.75 0.0% 7.4% Silver Fix 31.40 49.00 1.6% 11.4% Platinum Fix 1543.00 5.00 0.3% 11.7% Palladium Fix 617.00 4.00 0.7% -3.0%