US president Donald Trump tweeted the meeting was "far better than expected", before he moved on to an historic meeting in North Korea then noted a short while ago that stocks capped the best first half since 1997, citing the Wall Street Journal.
The relief over trade tensions abating sent the gold price sliding below US$1,400 an ounce.
It was worth about $1,392/oz on the spot market earlier.
North Americans are having a celebratory week, with Toronto closed today for Canada Day and the US set to mark Independence Day on July 4.
Metals and mining stocks had closed up slightly in Toronto on Friday.
The iron ore price for 62% fines has risen above $118 per tonne, according to MySteel.
Among the iron ore majors, BHP (ASX: BHP) was up 0.7% in afternoon trade and Fortescue Metal Group (ASX: FMG) had gained 1% and was trading close to an all-time high reached earlier this year.
The benchmark S&P/ASX200 was higher at the time of writing.