PRECIOUS-Gold near five-week low, stimulus outlook in focus
SINGAPORE, Sept 17 (Reuters) - Gold hovered near a five-week low on Tuesday as traders waited for guidance on when the U.S. Federal Reserve will begin tapering its massive economic stimulus.
* Spot gold had risen 0.1 percent to $1,315.10 an ounce by 0015 GMT, after falling 1 percent in the previous session to a five-week low of $1,303.85. U.S. gold dropped $2.50 to $1,315.30.
* The Fed, which kicks off a two-day policy meeting on Tuesday, is widely expected to begin curbing its $85 billion monthly bond purchases by $10 billion this month.
* Traders are betting the U.S. central bank will keep policy easier for longer now that former Treasury Secretary Lawrence Summers is out of the running to succeed Ben Bernanke as chairman.
* Bullion has lost more than 20 percent of its value this year as a recovering U.S. economy has dented its safe-haven appeal. Data on Monday showed that U.S. factory output surged in August as the pace of motor vehicle assemblies jumped to a six-year high.
* Mining group Anglo American has pulled out of the Pebble copper-gold project in Alaska, leaving Northern Dynasty to push ahead alone with the plan to develop one of the largest copper-gold deposits in the world - but also a hugely environmentally challenging project that has already been studied for almost three decades.
* For the top stories on metals and other news, click , or
* Stocks and bonds on major markets rose on Monday and the U.S. dollar fell to a four-week low after Summers withdrew from consideration to be the next Fed chairman, leading investors to believe U.S. monetary policy might stay looser for longer.
DATA/EVENTS (GMT) 0200 China FDI 0900 Germany ZEW economic sentiment 0900 Euro zone Eurostat trade 1145 U.S. ICSC weekly chain store sales 1230 U.S. Consumer inflation 1400 U.S. NAHB housing market index Federal Open Market Committee begins two-day meeting
Precious metals prices 0015 GMT
Metal Last Change Pct chg YTD pct chg Volume Spot Gold 1315.10 1.71 +0.13 -21.46 Spot Silver 21.80 0.10 +0.46 -28.01 Spot Platinum 1435.50 1.90 +0.13 -6.48 Spot Palladium 702.72 1.72 +0.25 1.55 COMEX GOLD DEC3 1315.30 -2.50 -0.19 -21.51 2353 COMEX SILVER DEC3 21.87 -0.14 -0.63 -27.84 493 Euro/Dollar 1.3335 Dollar/Yen 99.09
COMEX gold and silver contracts show the most active months
(Reporting by A. Ananthalakshmi; Editing by Joseph Radford)