Mining equities had risen above the doldrums that struck global markets on Friday, with the S&P500 reportedly on track for its worst month since 2009 and the S&P/TSX Composite Index around a two-year low.
"The overall sentiment is still to the downside, is still quite bearish and there will be a little while for this correction to play out," IG Group market analyst Kyle Rodda in Melbourne told Bloomberg Television today.
Gold briefly spike above US$1,243 an ounce on the spot market on Friday but is now back around last week's level, just above $1,233/oz.
Investors were keen on metals and mining stocks, with the sectors finishing the week higher on key global indices.
Goldcorp (TSX: G) finished up 4.4% on Friday having outlined expectations last week that gold production and costs would "improve substantially" this quarter.
Australian metals and mining equities were also upbeat today, up more than 1% in afternoon trade.
Graphite producer Syrah Resources (ASX: SYR) made the biggest gain among S&P/ASX200 stocks, up 8.96% in late trade.
It had reported that its replacement primary classifier unit had arrived at its Balama operation in Mozambique and a return to full production remained on track.
