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Gold prices descend further in Asia

On Friday, gold prices dived further in Asia, as market sentiment moved into bear territory ahead of an expected Fed rate lift next month as well as a strong greenback curbed buying interest.

In New York, December delivery gold futures dropped 0.85%, hitting 1,206.55 per troy ounce. Meanwhile, January delivery copper futures sank 0.97%, being worth $2.461 a pound.

Market participants are currently pricing 95.4% probability of a rate lift at the Fed's December 13-14 gathering, as Investing.com's Fed Rate Monitor Tool states.

Overnight, gold prices traded in a narrow band after remarks from Fed Chair Janet Yellen, which signaled a rate lift soon and American data, which was seen as positive.

The US Department of Labor reported that initial jobless claims by November 12 tumbled by 19,000 to 235,000, which is the lowest result since 1973. Financial experts expected jobless claims to ascend by 3,000 to 257,000 the previous week.

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