The most active gold contract for December delivery fell 14.8 U.S. dollars, or 0.84 percent, to close at 1,739.6 dollars per ounce.
In an address to the Orange County Business Council in California on Monday, San Francisco Fed President Mary Daly said that the Federal Reserve has more work to do when it comes to rate hikes.
Daly said the next stage for the Federal Reserve will be "in many ways more difficult," and that "adjusting too little will leave inflation too high."
The Chicago Fed National Activity Index released by the Federal Reserve Bank of Chicago on Monday decreased to minus 0.05 in October from 0.17 in September, adding to signs of weakening activity amid high inflation and rising interest rates.
Silver for December delivery fell 12.5 cents, or 0.6 percent, to close at 20.872 dollars per ounce. Platinum for January delivery rose 3.6 dollars, or 0.37 percent, to close at 987.9 dollars per ounce.
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