That shook up markets that had priced in a Clinton victory over Republican Donald Trump, prompting losses in stocks and the dollar. A rebound in the U.S. currency on Monday pulled gold off last week's highs.
Spot gold was up 0.07 percent at $1,276.40 an ounce at 3:21 pm EDT. U.S. gold futures for December delivery settled at at $1,273.10 an ounce. Spot prices remain within $15 of Friday's high, however.
"People had been presuming the election was a done deal for Clinton," said Natixis analyst Bernard Dahdah. "If this means her lead is reduced, the gold market could benefit from that uncertainty."
October U.S. payrolls data on Friday will be of great interest this week, he said, while markets are looking for pointers on policy when the Fed meets on Tuesday and Wednesday.
"We're not expecting a rate hike in November, but we'll be looking at the language," Dahdah said. "That could be a mover."
While hardly anyone expects Fed Chair Janet Yellen and other Fed policymakers to move only a week before the Nov. 8 election, they appear to have left themselves the December meeting to deliver a rate rise in 2016.