The Australian share market has finished higher for the day as gold rebounded after hitting an eight-month low, but local shares still lost ground for the week.
The benchmark S&P/ASX200 index rose 15.5 points, or 0.18 per cent, to 8,764.2 on Friday, while the broader All Ordinaries gained 12.6 points, or 0.14 per cent, to 8,964.2.
The ASX200 dropped 0.7 per cent for the week, leaving it up just 0.6 per cent so far in 2026.
Moomoo ANZ dealing manager Chris Strazzeri said there was pressure overnight on large technology stocks such as Apple, Amazon and Microsoft over concerns about their valuations.
But commodities provided a brighter backdrop, with oil, gold and silver rebounding after several sessions of losses, Mr Strazzeri said.
The 10 biggest gainers in the ASX200 on Friday were all goldminers as the precious metal rose back above Thursday's eight-month low of $US4,000 to change hands at $US4,047 an ounce.
Thailand-focused Kingsgate Consolidated led the way with a 4.5 per cent gain, followed by Ramelius Resources and Perseus Mining, which climbed 3.8 and 3.6 per cent, respectively.
Gold is still down 12 per cent since the start of June, mostly due to increased expectations that the Federal Reserve will raise US interest rates later this year.
Elsewhere in the materials sector, BHP rose 0.8 per cent to $58.99, Rio Tinto grew 2.2 per cent to $173.64 and Fortescue added 0.7 per cent to $19.07.
Overall, seven of the ASX's 11 sectors finished higher and four closed lower.
Health care lost 1.3 per cent as CSL retreated 2.4 per cent to $114.87.
Technology dropped 1.2 per cent following the weak lead from Wall Street, with NEXTDC falling 4.5 per cent and Megaport retreating 3.3 per cent.
The energy sector finished up 0.5 per cent as Brent crude changed hands for $US73.80 a barrel, up about $US1 from Thursday.
Woodside gained 0.8 per cent, Santos added 1.4 per cent and Whitehaven Coal grew 1.1 per cent.
In the financial sector, the big four banks had a relatively subdued day.
NAB added 0.1 per cent to $37.51, Westpac climbed 0.2 per cent to $35.14, ANZ rose 0.5 per cent to $35.04 and CBA lost 0.4 per cent to $162.02.
The Australian dollar was trading at 68.97 US cents, from 68.91 US cents at 5pm on Thursday.
In crypto, Bitcoin fell below $US60,000 for the first time since September 2024, its value having dropped by almost a third since the start of the year.
BTC was changing hands for $US59,300, or about $A86,000 on Australian exchanges.
AMP chief economist Shane Oliver said that, like gold, Bitcoin was getting hit by expectations the Fed would hike rates, increasing the opportunity cost of holding both instruments.
"With the rise of AI and associated trades, Bitcoin and crypto have also lost some of their gloss and excitement value lately, as they are no longer seen as new," Dr Oliver said.
ON THE ASX:
* The S&P/ASX200 rose 15.5 points, or 0.18 per cent, to 8,764.2
* The broader All Ordinaries gained 12.6 points, or 0.14 per cent, to 8,964.2
One Australian dollar trades for:
* 68.93 US cents, from 68.91 US cents at 5pm AEST on Thursday
* 111.39 Japanese yen, from 111.55 Japanese yen
* 60.58 euro cents, from 60.73 euro cents
* 52.21 British pence, from 52.31 British pence
* 122.09 NZ cents, from 122.29 NZ cents
