Gold extended its late-August decline after international spot prices fell more than 3% in the previous session, the steepest one-day drop since June 10. Spot gold briefly slipped below $4,400 an ounce on Monday before recovering some ground. The pullback followed hawkish signals from Federal Reserve Governor Kevin Warsh, while higher interest rates and U.S. Treasury yields challenged the weaker-dollar narrative that had supported bullion. Investors are now watching U.S. economic data for evidence that could revive rate-hike expectations, alongside indications of whether the Federal Reserve or the Treasury will have greater influence over policy direction. Rajeev De Mello, global macro portfolio manager at GAMA Asset Management, said gold could fall to $4,200-$4,300 an ounce in the short term but remains a long-term holding for him.