Leaders meeting at the Asia-Pacific Economic Cooperation summit on the weekend failed to reach agreement on a joint statement, not issuing one for the first time in the summit's history.

The FTSE100 today is also set to open lower, with Edison Research describing the limited support for UK prime minister Theresa May's Brexit deal as "a decisive step into the fog".

Base metal futures were mixed in Asian trade this afternoon with tin up the most, 0.36%, at the time of writing.

Gold lost a few dollars on the spot market earlier but remains above US$1,220 an ounce.

Mining majors had ended the week on a positive note, with Newmont Mining (NYSE: NEM) closing 1.4% higher on Friday and in London, Rio Tinto (LSE: RIO) up 2.88%.

In Toronto, the gold sector closed up 1.58% with Eldorado Gold (TSX: ELD) gaining 4.94% on no news.

In the silver set, streaming company Wheaton Precious Metals (TSX: WPM) rose 4.64% after last week saying it was on track to exceed 2018 attributable production guidance and declaring a quarterly dividend.

Metals and mining stocks on the S&P/ASX200 were in positive territory in Australian trade this afternoon thanks to gold equities gaining favour.

Gold producer Saracen Mineral Holdings (ASX: SAR) was up more than 4% in late trade.