It gave up early gains as the prospect of a Greek debt default, which hit European shares, was offset by a strengthening dollar and wariness among investors over the metal's longer-term outlook.
Burkina Faso's transitional parliament passed a new mining code on Friday that abolishes a previous 10 percent tax break on mining company profits and obliges firms to pay into a local development fund.
Gold edged lower on Wednesday as the dollar pared earlier losses versus the euro, while traders took to the sidelines to await news on Greece's negotiations with its international lenders to avoid default.
Coal prices in Asia are already at levels that have forced some producers to curb supply and are unlikely to fall more than another $10, industry officials said.
Mali's earnings from its gold-dominated mining sector slipped by around six percent to just under 206 billion CFA francs ($350.60 million) last year due to a drop in output and lower prices for the precious metal.
Barrick Gold Corp. has backtracked on its decision to suspend operations at its Lumwana open pit copper mine in Zambia after the cabinet reduced mining royalties.
Rio Tinto and Mongolia have made a breakthrough in a tax dispute that has been among issues stalling development of the $6.5 billion Oyu Tolgoi copper mine, according to an official familiar with the government's position.
Newcrest Mining, one of the world's biggest gold producers, said on Friday it was open to selling its Telfer gold and copper mine in Australia, once the company's flagship operation.
The world's largest futures market operator will shutter almost all of its open-outcry futures pits by July 2, ringing the closing bell on a once-raucous tradition that has been in decline since the rise of computerized trading.
