The S&P500 hit a fresh record high on Friday boosted by positive US economic news - its GDP for the first quarter growing 3.2% at an annual rate ahead of expectations - while Australia's benchmark ASX 200 hit its highest point in nearly 12 years.

The US Federal Reserve's Federal Open Market Committee is set to meet this week and Chinese manufacturing data is also expected.

The gold price was worth US$1,285 an ounce on the spot market at the time of writing, up from its recent low earlier this month of $1,266.20.

Gold miner Saracen Mineral Holdings (ASX: SAR) was one of the bigger risers on the benchmark S&P/ASX 200 in afternoon trade, up 3.3%.

BHP (ASX: BHP) was also higher, up 0.66%, and Canadian metals and mining stocks had collectively finished last week in positive territory.

However Sherritt International (TSX: S) had tumbled to a 52-week low and closed down 28.77% on Friday.

The company's first quarter results, released last week, were impacted by the "dramatic 70% decline" in realised cobalt prices and issues in Cuba.