At 10:37 a.m. EDT (1437 GMT), the Toronto Stock Exchange's S&P/TSX composite index was down 39.75 points, or 0.28 per cent, at 14,191.31.
Bullion prices had risen 8.9 per cent in the two weeks between June 23 and Wednesday's close in response to uncertainty surrounding U.K.'s vote to leave the European Union.
Crude prices bounced back from two-month lows but benchmark Brent was on course for its largest weekly decline since January as economic worries weigh on oil. The Loonie slipped slightly to US$0.77 while gold dropped to US$1,360.47 per ounce and crude oil fell to US$45.24 per barrel.
"It's kind of flat today, but we haven't seen gold at these levels since July 2014", said Moss.
Insurers also rose, with Manulife Financial up 1.5 per cent to $17.16 and Sun Life Financial 1.5 per cent higher at $41.36.
In New York, stock markets were mixed despite the release of positive data on the hiring front.
"This is the flip side to last month when the market was unexpectedly disappointed with the 38,000 jobs", said Irwin Michael, portfolio manager at ABC Funds, referring to the USA nonfarm payroll print for May, which was revised down to 11,000.
The Dow Jones industrial average was up 181.18 points at 18,077.06, the broader S&P 500 composite index advanced 24.70 points to 2,122.60 and the Nasdaq composite gained 65.16 points to 4,941.97.
The materials group, which includes precious and base metals miners and fertilizer companies, lost 2.2 per cent. An upbeat US ADP jobs report dented gold's safe haven appeal.
In other commodity news, August natural gas lost one cent to US$2.78 per mmBTU while September copper fell three cents to US$2.12 a pound.