Gold prices descend in Asia

On Wednesday, gold prices edged down during Asia trade with the focus on remarks by the Fed chief to see whether recent hawkish views by colleagues on the necessity to lift interest rates soon are repeated and also expanded or not.    

In New York, December delivery gold futures tumbled 0.29%, trading at $1,342.15 per troy ounce, while silver futures sank 0.48%, hitting $18.832 per troy ounce. Meanwhile, copper futures surged 0.09%, trading at $2.116 a pound.

Overnight, gold prices were modestly higher during North American trade on Tuesday, drifting from the prior session's two-week minimum as the greenback weakened with markets in wait and see mode ahead of a speech by Fed Chair Janet Yellen a bit later this week, which could provide hints regarding the timing of a American interest rate hike.

Yellen might provide fresh hints on the timing of another American rate lift at her speech during an annual gathering of central bankers in Jackson Hole, Wyoming, on Friday.

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