Gold dips in Asia as investors estimate cues about Fed rate hike

Gold prices fell in Asia on Thursday with investors digest comments given by Fed official.

On the Comex, gold futures for June delivery fell 0.48% to $1,197.20 a troy ounce. Silver for May delivery fell 0.52% to $16.368 a troy ounce.

Copper futures for May delivery also dropped 0.18% to $2.729 a pound.

On Wednesday gold futures dipped ahead of the release of the Federal Reserve's minutes from its March meeting later in U.S. afternoon trading.

Federal Reserve Bank of New York president William Dudley said on Wednesday that a June rate hike is still possible though indicating that weaker than expected GDP growth in the first quarter and slower labor progression in March have "set the bar higher" for lift-off in June.

"I could imagine circumstances where a June rate hike is still in play," Dudley told Reuters. "If the next jobs report is strong...if second-quarter GDP look like it is bouncing quite sharply."

The March jobs report released last Friday marked the weakest period of hiring in 15 months, as it indicated that the economy added 126,000 in March, halting a streak of 12 consecutive months of job growth that exceeded 200,000.

In terms of average weekly earnings, employees nationwide received the smallest annual gains in wages since last June.