diff --git a/tools/binutils/Makefile b/tools/binutils/Makefile
index 79fa6a822..1878deca8 100644
--- a/tools/binutils/Makefile
+++ b/tools/binutils/Makefile
@@ -37,7 +37,7 @@ ALL_TARGET+=	all-gprof
 INSTALL_TARGET+=install-gprof
 .endif
 
-.if defined(__MINIX)
+.if defined(__MINIX) && ${HAVE_GOLD:Uyes} != "no"
 ALL_TARGET+=	all-gold
 INSTALL_TARGET+=install-gold