The precious metal's price decline comes as expectations for a Fed rate increase rise. This follows Fed Chair Kevin Warsh's reiteration on Friday of the Fed's mandate for lowering prices, stating the Fed had "work to do" to ensure inflation moves to its objective. Additionally, the first U.S. military attack against Iran in over a month, which destroyed rocket launchers near the Strait of Hormuz, further contributed to the heightened rate-hike expectations.