Borax will collect some of the base metal oxides into the borate glass slag.
Borax is more to help the melt flow, than it is an oxidizer in a melt, it can help to remove surface oxides helping to clean the melt, and covering in molten glass which can help with atmospheric oxidation, helping the molten metal come together in the melt easier, it can help to coat a ceramic melting dish or crucible in a glass glazing helping to keep metal from sticking to the fired clay during the melt.
Borax may be helpful in a melt or even in a smelting operation with other fluxes chosen for their chemical reactions during the smelting operation .
Borax and melting will not refine a metal.
Fluxes can be used oxidize or reduce base metals in smelting operations, but these are generally used for recovery processes, not for refining metals to a high purity, for this we use wet chemistry operations.
When you melt pure gold in borax the borate glass will be clear or at the most colored with a pink hint of colloidal gold.
if when you melt your gold and the slag glass borate's are colored (besides a hint of pink) then your gold needs refined.