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PRECIOUS-Gold holds near 7-week low as fund outflows resume

SINGAPORE, April 1 (Reuters) - Gold was languishing near a seven-week low on Tuesday, after posting its first monthly drop of the year, as investors pulled money out of bullion backed exchange-traded funds in favour of riskier assets.

FUNDAMENTALS

* Spot gold eased 0.05 percent to $1,282.95 an ounce by 0025 GMT, after dropping nearly 1 percent on Monday. The metal hit a low of $1,282.04 in the previous session - its lowest since Feb. 11.

* Outflows from SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, resumed after a two-day pause. Holdings of the fund fell 3.89 tonnes to 813.08 tonnes on Monday - the biggest outflow in more than a month.

* Gold transferred between accounts held by bullion clearers edged up to an average volume of 17.8 million ounces a day last month, recovering from a 3-1/2 year low hit in January, the London Bullion Market Association said.

* As regulators investigate the transparency of global financial benchmarks, bullion banks are contemplating a move to electronic platforms that would shed more light on the London gold fix, a widely used reference price, sources said.

* India will consider easing curbs on gold imports in consultation with the central bank, Finance Minister P. Chidambaram said.

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MARKET NEWS

* Asian shares were down slightly in early trade on Tuesday, as investors chose discretion over valour ahead of a key manufacturing survey from China even as Federal Reserve Chair Janet Yellen's dovish comments eased concerns of an early start to rate hikes.

DATA/EVENTS (GMT) 0100 China Official manufacturing PMI 0145 China Final HSBC manufacturing PMI 0755 Germany Markit/BME manufacturing PMI 0800 Euro zone Markit manufacturing PMI 0900 Euro zone Unemployment rate 1400 U.S. Construction spending 1400 U.S. IBD economic optimism 1400 U.S. ISM manufacturing PMI

PRICES AT 0025 GMT

Metal Last Change Pct chg Spot gold 1282.95 -0.69 -0.05 Spot silver 19.7 -0.01 -0.05 Spot platinum 1411.49 2.29 0.16 Spot palladium 771.75 -0.15 -0.02 Comex gold 1282.9 -0.5 -0.04 Comex silver 19.715 -0.037 -0.19 Euro 1.3774 DXY 80.094

COMEX gold and silver contracts show the most active months

(Reporting by A. Ananthalakshmi; Editing by Ed Davies)