Gold prices ease in Asia as investors await Fed minutes

Gold prices fell in Asia on Thursday with investors awaiting the minutes of the Federal Reserve's latest policy meeting for further cues on rates.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery fell 0.48% to $1,197.20 a troy ounce.

Elsewhere, 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.

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

On Wednesday, Federal Reserve Bank of New York president William Dudley said in an interview with Reuters that the Fed has not ruled out a June rate hike. Dudley indicated, though, 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."

Last Friday, the U.S. Bureau of Labor Statistics said in its March jobs report that said the economy added 126,000 in March, halting a streak of 12 consecutive months of job growth that exceeded 200,000. The modest job increases nationwide marked the weakest period of hiring in 15 months. In terms of average weekly earnings, employees nationwide received the smallest annual gains in wages since last June.