Tensions in the Persian Gulf, where Iran seized a British tanker last week, had helped push the gold price to a six-year high above US$1,450 an ounce on the spot market last week and have lifted crude oil prices.
However the gold price has eased today following indications of a smaller US rate cut being likely.
Silver, which broke back above the $16/oz mark last week, has continued to strengthen to $16.13/oz, while gold is about $1,426/oz.
Core Gold (TSXV: CGLD) gained 8.3% as it announced the mutual termination of a proposed takeover by Titan Minerals (ASX: TTM), following a landmark court decision last week that halted the transaction on the grounds it was not fair or reasonable.
Titan, for its part, has requested its shares remain suspended for a further month while it considers "potential avenues".
Recently-enlarged gold miner, Newmont Goldcorp (NYSE: NEM), had hit its highest point since its merger on Thursday but closed down almost 1% on Friday.
Away from the precious metals set, developer Nemaska Lithium (TSX: NMX) was the big mover in Toronto on Friday.
It closed up almost 39% on news of a potential funding lifeline for its over-budget Whabouchi lithium mine and Shawnigan electrochemical plant in Quebec.
Metals and mining stocks closed up 1.67% in Toronto on Friday.
BHP (ASX: BHP) was up 0.4% in afternoon Australian trade after the copper, oil and iron ore prices all ended the week higher.