The yellow metal fell to US$1,316 per ounce early on, before tracking back to just under $1,321/oz before midday in London.
Gold, which is up about 1.4% for the year, was expected to rise on Friday afternoon after a report on US December non-farm payroll numbers came in below estimates.
However, the price actually fell following publication as market commentators shifted focus to expectations of multiple interest rate rises this year.
Even so, the price returned to $1,321/oz on Monday at around 11am London time.
In the US, gold miner Newmont Mining (US:NEM) was up 0.37% on Friday, while Australia-listed gold producer Newcrest Mining (AU:NCM) closed 0.69% down on Monday.
On the base metal side, the LME copper price (cash seller and settlement) dropped 1.4% on Friday to $7,097 per tonne. This was despite expectations of a strike proceeding at Glencore's (LN:GLEN) Lomas Bayas mine in Chile on Wednesday.
Iron ore continued to exceed expectations, closing on Friday at $73.2 per tonne, 3.4% up for the week. This is despite Australia's Department of Industry, Innovation and Science expecting prices to fall 20% in 2018 to $51.50/t.
Both equities and commodities are expected to take their direction this week from a number of US, UK and European economic results, including both US CPI and retail spending numbers out on Friday.
