Gold futures on the COMEX division of the New York Mercantile Exchange went up on Monday as investors carefully monitored the election in the Netherlands for possible anti-Euro results.

The most active gold contract for April delivery rose 1.7 U.S. dollars, or 0.14 percent, to settle at 1,203.10 dollars per ounce.

A parliamentary election in the Netherlands scheduled for Wednesday gave support to the precious metal as analysts note that a nationalist and anti-EU party could perform better than before, which would renew concerns over the stability of the Eurozone.

An additional factor supporting gold was the U.S. Dollar Index falling by 0.06 percent to 101.27 as of 17:52 GMT. The index is a measure of the dollar against a basket of major currencies. Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures will rise.

Gold was given further support as the U.S. Dow Jones Industrial Average fell by 30 points, or 0.14 percent as of 17:53 GMT. Analysts note that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven.

However, the precious metal's gains were capped as traders focused primarily on the Federal Open Market Committee (FOMC) meeting scheduled to begin on Tuesday. Investors believe the Fed may raise rates from 0.75 to 1.00 during the FOMC meeting.

Silver for May delivery rose 4.9 cents, or 0.29 percent, to close at 16.972 dollars per ounce. Platinum for April delivery rose 3 dollars, or 0.32 percent, to settle at 941.2 dollars per ounce.