Gold was a little below US$1,400 an ounce on the spot market at the time of writing, about $1,398/oz, having risen above $1,430/oz last week.
Market futures for key global indices were pointing lower and the S&P/ASX200 was down 1% in afternoon trade.
However junior Lindian Resources (ASX: LIN) leapt more than 54% after announcing a significant discovery at the Gaoual bauxite project in Guinea.
It said the conglomerate bauxite mineralisation was "highly analogous" to the country's high-grade Sengaredi deposit. It has an exclusive option to acquire an initial 51% of the project by spending $1 million over two years.
Among the majors, BHP (ASX: BHP) was down 1.4% at the time of writing, while Rio Tinto (LSE: RIO) lost 3.8% on Friday in London but copper major Freeport-McMoRan was little changed in New York.
Barrick Gold (TSX: ABX) closed down 2% in Toronto. The miner is looking to find a buyer for its Massawa gold project in Senegal, Bloomberg reported on Friday, saying the asset could fetch up to $500 million according to people familiar with the matter.
Metals and mining stocks closed down similarly about 2% in Toronto.