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* TSX falls 4.5 points, or 0.04 percent, to 12,375.91 * Market holds to narrow range ahead of U.S. elections * Silver Wheaton weaker after results By John Tilak TORONTO, Nov 5 (Reuters) - Canada's main stock index was little changed on Monday, as gains in gold miners were offset by declines in financial shares, with investors largely unwilling to take major positions ahead of U.S. elections on Tuesday. "It is a reflection that investors are taking a wait-and-see approach today instead of making big bets one way or another ahead of tomorrow's election outcome," said Craig Fehr, Canadian market strategist at Edward Jones. At midday, the Toronto Stock Exchange's S&P/TSX composite index was down 4.5 points, or 0.04 percent, at 12,375.91. The index at one point hit 12,360.06, its lowest level since Tuesday. The materials sector, which includes the gold miners, was up 0.67 percent, led by a 1.5 percent gain in Goldcorp Inc. to C$43.55 and Barrick Gold Corp, which was up 1.39 percent to C$35.72. Gold prices firmed on Monday, following their biggest one-day drop since mid-June in the previous session. "The gold prices are telling you that the expectation for the potential for inflation down the road has picked back up," Fehr said. The gains in gold miners were offset by weakness in the financial and energy sectors. Oil and gas producers slipped even as oil prices held steady above $105 a barrel. Penn West Petroleum Ltd, down 4.79 percent to C$11.53, was one of the leading decliners. The stock fell after several analysts cut their price targets of the oil and gas producer. On Friday, the company reported a third-quarter loss and cut its production forecast. Other stocks leading the market lower included Silver Wheaton Corp, which dropped 1 percent to C$39.04 after its third-quarter profit fell 11 percent.