The most active gold contract for December delivery fell 10.60 U.S. dollars, or 0.53 percent, to close at 1,988.60 dollars per ounce.
During a speech at Duke University on Monday, Federal Reserve Governor Lisa Cook said that while the banking sector has stabilized since bank failures earlier this year, the vulnerabilities at certain nonbank financial institutions could play "a key role" in amplifying stress associated with tightening financial conditions and slowing economic activity.
Cook said she is closely monitoring nonbanks with "pronounced liquidity mismatches."
A host of Federal Reserve officials will speak this week, including Fed Chairman Jerome Powell on Thursday. Investors are waiting for their speeches for clarity on U.S. rate cuts.
Most traders believe the Federal Reserve will leave rates unchanged at its December Federal Open Market Committee meeting.
Silver for December delivery fell 5.10 cents, or 0.22 percent, to close at 23.234 dollars per ounce. Platinum for January delivery fell 26.70 dollars, or 2.83 percent, to close at 917.60 dollars per ounce.
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