Gold slid on Monday as demand for the precious metal weakened on the US Dollar rally. The greenback caught momentum after Moody's cut its outlook on Germany, the Netherlands and Luxemburg.
Silver dropped ahead of Bernanke's speech on monetary policy due on Tuesday. Meanwhile, silver holdings of the iShares Silver Trust increased by 0.12% on Monday.
Platinum followed gold's suit amid large production cuts by the major world miners. Anglo American Platinum and Sylvania plan to reduce output in view of depressed platinum prices and strikes.
Palladium price decreased after news that China's palladium imports fell by annualized 29.6% June.