* Gold recovers from lowest since early August, eyes Fed
* Platinum hits lowest in nearly 7 years after ETF outflows
* GRAPHIC-Gold/platinum ratio: http://link.reuters.com/xez92s (Updates throughout, changes dateline, pvs SINGAPORE)
By Jan Harvey
LONDON, Nov 12 (Reuters) - Gold edged off the previous session's one-month low on Thursday but remained depressed, awaiting more clarity on the outlook for U.S. monetary policy from Federal Reserve officials speaking later in the day.
Spot gold was up 0.2 percent at $1,087.50 an ounce at 1048 GMT, while U.S. gold futures GCv1 for December delivery were up $2.20 an ounce at $1,087.10.
The metal has shed nearly 5 percent of its value since the start of November, when an upbeat U.S. jobs report boosted expectations the Fed will hike interest rates this year. That would lift the opportunity cost of holding non-yielding bullion, while boosting the dollar.
However, the metal has now largely priced in a December hike, analysts said, after sliding to its lowest since early August at $1,183.65 an ounce.
"The Fed has been driving the bulk of the move down from around $1,200 to below $1,100," Standard Chartered (L:STAN) analyst Paul Horsnall said. "But ultimately, we think the Fed will become a positive for gold."
"There has been so much concentration on when the first hike is coming, we don't think the debate has moved on to when the second and third hikes will come. We don't think there will be a third hike, and we think in fact the Fed will be in cutting mode by the end of next year. That's very positive for gold."
Traders will be eyeing remarks by at least six Fed officials, including Fed Chair Janet Yellen and Vice Chair Stanley Fischer, later for clues on monetary policy.
Investors remain wary of gold. Assets in the biggest gold-backed exchange-traded fund, SPDR Gold Shares GLD fell to 663.43 tonnes this week, the lowest since September 2008.
"Gold ETFs posted net inflows in the previous three months, but gains have been more than offset by aggressive liquidations in the early days of the current month," UBS said in a note. "It will be important to monitor this flow diligently, especially as we get closer to the (Fed's) final meeting for the year."
Among other precious metals, silver XAG= was up 0.6 percent at $14.37, recovering from Wednesday's 2-1/2-month low of $14.22. Palladium XPD= was up 0.9 percent at $578.25, after sliding 3.7 percent in the previous session.
Platinum XPT= extended losses to $876.50 however, down 0.3 percent, having earlier fallen to $874, a near seven-year low. Both platinum group metals have been hit by outflows from exchange-traded funds.
Platinum's discount to gold rose back to $209 an ounce on Wednesday, its highest in over a month. The discount hit its highest on record in October at $233.