* Gold strengthens buoyed by falling interest rates * Outcome of U.S. election could determine next move (Recasts, adds comment, pvs SINGAPORE) By Nigel Hunt LONDON, Nov 4 (Reuters) - A weak dollar and strengthening global equities helped to spark widespread gains in commodity markets on Tuesday as investors awaited the outcome of the U.S. presidential election. Gold prices rose 1.5 percent with expected central bank rate cuts this week a key focus. The Reserve Bank of Australia cut rates on Tuesday while markets also anticipated interest rates cuts in the euro zone and Britain this week. "The U.S. election might have an impact on the euro/dollar and so indirectly would have an impact on gold as well," said Eugen Weinberg, an analyst at Commerzbank. "The rate cuts...make gold more attractive as real interest rates are becoming more negative," he added. Spot gold was at $735.50/737.50 at 1217 GMT compared with $722.35 late in New York on Monday. Democrat Barack Obama was leading Republican John McCain in national opinions polls. Indications on the outcome could emerge after the first polls begin to close at 2300 GMT on Tuesday. Analysts said wins for the Democrats in both presidential and congressional elections may be supportive for commodities. "Markets have priced in an Obama win because of his lead in the polls. But if the Democrats win really big in the Senate and the House, we will see a sharp move in equity markets, and by extension, commodities," said MF Global analyst Edward Meir. "There are strong arguments for a rise or a fall -- bears make the case that additional spending may weigh -- but my feeling is that markets will move higher as a strong majority will allow the administration to pass legislation more easily." Industrial metals also climbed, boosted by gains in global equity markets. Copper for three months delivery on the London Metal Exchange rose to $4,230 a tonne, up from Monday's $4,090. There were doubts, however, about whether gains would be sustained. "It does not matter what the central banks and the governments and the new president can do, it is not going to have an immediate impact. In the meantime, the credit crunch has not eased, it is still doom and gloom everywhere," said Calyon analyst Robin Bhar. Oil prices were also higher, rebounding from steep losses on Monday, with U.S. crude up 70 cents at $64.61 a barrel. "Traders are only focusing on one event for the next 24 hours, and that is the election," said Jonathan Kornafel, Asia director of U.S.-based options trader Hudson Capital Energy. "Although once the results are in, the market should still head lower, no matter who wins. It's just that things appear to be put on hold for the next 24 hours," he added. Grains also swept higher, erasing early losses, in the broad-based advance. Chicago Board of Trade December wheat futures were 2-1/2 cents higher at $5.64-1/2 a bushel after rebounding strongly from an early low of $5.47-1/2. December corn climbed 3-1/2 cents to $4.06-1/2 while November soybeans rose six cents to $9.34-1/2. Soft commodity markets were also firmer with December arabica coffee on ICE up 0.95 cents at $1.133 per lb and March raw sugar rising 0.13 cents to 12.31 cents a lb. (Additional reporting by Ben Tan, Lewa Pardomuan and Naveen Thukral in Singapore, Humeyra Pamuk, Julie Crust and Joe Brock in London and Bruce Hextall in Sydney; Editing by Peter Blackburn)

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