Investors finished with modest gains on the Australian share market, but that could count for little ahead of a rate decision and US election results this week.

The S&P/ASX200 benchmark index finished higher by 23.7 points, or 0.4 per cent, to 5951.3 on Monday.

The All Ordinaries closed up 14.2 points, or 0.23 per cent, to 6147.4.

Utilities was the best sector, higher by 2.03 per cent, followed by property, which rose 1.77 per cent.

Investors are keenly anticipating an expected cut to rates by the Reserve Bank on Tuesday, and the US election results on Wednesday.

The Aussie dollar was buying 70.06 US cents at 1620 AEDT, lower from 70.33 US cents at the close of trade on Friday.