Australian shares retreated from multi-month highs on Thursday as investors reduced exposure to gold miners amid rising inflation risks linked to the escalating conflict in the Middle East.
The S&P/ASX 200 Index fell 70.9 points, or 0.78%, to close at 8,967.7, with nine of the 11 sectors finishing lower.
The Materials sector led the declines, with the major miners delivering mixed performances. BHP fell 1.7%, Rio Tinto gained 1.8%, while Fortescue declined 1.2%.
Gold miners also came under pressure, with Northern Star falling 3.3%, Evolution Mining losing 3.1% and Newmont slipping 1.8%.
Real estate investment trusts weakened, with Mirvac down 1.4%, Charter Hall falling 2.8% and Stockland declining 2.7%.
Consumer discretionary stocks also lost ground. JB Hi-Fi dropped 1.6%, Tabcorp fell 1.1%, and Wesfarmers declined 1.5%.
Domino’s Pizza was the standout performer, surging 9.1% to lead gains on the index after issuing better-than-expected profit guidance.
Among individual movers, IperionX dropped 8.4% after investors reacted negatively to its trading update, which showed increased titanium powder production in Virginia during the June quarter.
On the bond markets, 10-year and 2-year yields rose 0.3% and 0.1%, respectively, to 4.998% and 4.571%.
