Gold extended its late-August decline after a more than 3% drop in international spot prices in the previous session, the steepest one-day fall since June 10. During Monday trading, spot gold briefly fell below $4,400 an ounce before trimming losses. The pullback followed hawkish signals from Federal Reserve Governor Kevin Warsh, while rising interest rates and higher U.S. Treasury yields challenged the weaker-dollar narrative that had supported gold. Market focus is now shifting to whether upcoming U.S. economic data can justify renewed rate-hike expectations and whether the Federal Reserve or the Treasury gains the upper hand in shaping policy direction. Rajeev De Mello, global macro portfolio manager at GAMA Asset Management, said gold could retreat to $4,200-$4,300 an ounce in the short term, though he continues to hold the metal as a long-term position.