Gold prices descend in Asia with Fed rate lift timing in focus

On Tuesday, gold prices were slightly weaker during Asia trade, with the focus on prospects for a Fed rate lift this year dominating market sentiment.

In New York, December delivery gold futures dropped 0.14%, trading at $,341.50 per troy ounce, while silver futures soared 0.02%, hitting $18.862 per troy ounce.

Overnight, gold prices edged down during North American trade on Monday, hitting a two-week minimum amid indications the Federal Reserve could list its interest rates already next month.

Additionally, odds for a near-term rate lift mounted after Fed vice chairman Stanley Fischer told on Sunday that the American economy was close to hitting the major  bank's objectives for full employment as well as 2% inflation.

The number one precious metal is very sensitive to moves in American  rates, which raise the opportunity cost of holding non-yielding assets, including bullion, while spurring the greenback in which it’s priced.

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