Yes, toning is the primary use. For silver gelatin prints, it probably increases archival stability, but it's probably not as effective as sulfide toning. I really used it for the lovely blue tones it produces, especially on warm-tone paper.
Make a solution of 50-100 g of ammonium thiocyanate per liter of water, then add 0.2 g gold (a 1 percent solution is convenient). That should tone at least one 16x20 print or the equivalent. Then, when you find the toner starting to lose strength, add more gold chloride. More thiocyanate speeds up toning. If you want to save on thiocyanate, heat the toner to 40C or so - this speeds up toning a lot.
The thiocyanate stays active at least a couple of days, but you'll probably need to add more gold before each toning session.
For some alternative processes, of course, gold chloride toning is essential for archival stability.