Gold settled nearly 2 percent lower on Friday, extending a three-day slide to a two-week low, and silver dropped the most since September 2013 on free-falling oil prices and a strong dollar.
U.S. gold futures for December delivery closed down $21.40 an ounce, or 1.8 percent, at $1,175.20, but ended November slightly higher.
Spot gold was last down 1.9 percent at $1,168.56 an ounce, after hitting a low of $1,165.04.
U.S. oil prices settled more than 10 percent lower, extending a huge rout on bearish sentiment.
The U.S. dollar rose versus commodity currencies such as the Canadian dollar and Norwegian crown on OPEC's decision not to reduce output.