No, the HD 5xxx series don't have the hardware requirements for Metal, and unless Apple change the spec, which I doubt they'll do, Metal won't work with that GPU.
Decent modern GPUs to use currently are the 970/980 if you don't want to mess about with an additional power supply. On the AMD side, I believe the R9 2xx series work, but again for some you'd need to look at an external PSU.
The R9 Nano would be an amazing new AMD option as it only draws 175w, but currently OS X doesn't support it, and unlike nVidia, AMD don't release OS X drivers. OS X either supports AMD cards OOTB or it doesn't.