The FTSEurofirst 300 index of top European shares ended 1.8% lower on Friday night.
Gold jumped 4% and the US dollar fell 1.6% against the yen, which was the strongest currency performer accross the board.
Oil slipped to about $US105 a barrel, pressured by concerns over the financial market crisis.
Further pressure came as investors, who flocked into oil and other commodities earlier this year as a hedge against inflation and a weak dollar, shifted their money into safer havens.
