The Federal Reserve will finish its two-day meeting on Wednesday in the U.S. The central bank is considered very unlikely to hike at the meeting, according to the CNBC Fed Survey, which found that 100 percent of respondents did not expect a move, but 86 percent did forecast a quarter-point hike at the December 13-14 meeting.
Meanwhile, it's been a bruising few days for Trump rival Hillary Clinton, after the FBI said it was investigating new emails related to her controversial use of a private server while she served as secretary of state.
"Even if the Fed does signal an inclination to lift rates in December, markets will take the view that this is unlikely if a Trump victory leads to uncertainty and a surge in financial market volatility. This view was played out in markets last night with the U.S. dollar falling sharply and gold rallying," said Ric Spooner, chief market analyst at CMC Markets, in a Wednesday note.
Spot gold traded at $1,293.02 per ounce, compared to last week's levels as low as $1,266.
In currency markets, the dollar index, which tracks the greenback against a basket of currencies, stood at 97.696 as of 3:12 pm HK/SIN, down from 98 levels on Tuesday.
The Mexican peso extended its fall against the dollar, fetching 19.308 per dollar as of 3:12 pm HK/SIN. The peso had sold off as much as 1.3 percent against the greenback to 19.1102 pesos on Tuesday.
The Korean won weakened against the greenback to 1,148.45, a three-and-a-half month low. In October, the KRW/USD had depreciated as much as 3.5 percent.
"The woes surrounding labor strikes in Hyundai and Samsung's battery flame-outs were part of the domestic reasons that led to the underperformance versus the USD. Arguably, these issues may be partially reflected in the price, but we think that the room for more KRW weakness ahead has increased meaningfully." analysts at National Australia Bank said in a Tuesday note.
Singapore's major banks were mixed, OCBC stock was down 0.47 percent at S$8.46 per share, United Overseas Bank slipped 1.12percent to S$18.50, while DBS traded up 0.07 percent at S$15.00
A Moody's Investors Service report on Wednesday warned that the three banks could see their profitability come under further pressure, as seen in their latest financial results. The ratings agency assigned a negative outlook to the banks' ratings in March.
"The Q3 results for DBS, OCBC and UOB show a further weakening in the banks' asset quality and profitability, because of the persistent challenges that they face in relation to their oil and gas exposures," said Eugene Tarzimanov, vice president and senior credit officer at Moody's Investor Service, in the note.