Australian Shares Open Lower

The S&P/ASX 200 fell 0.2% to around 8,955 in Friday morning trade, reversing the previous session’s gains, as gold and energy stocks dragged the market lower amid easing commodity prices.

Gold miners slid 3.2%, heading for their worst session since July 9, with the sector also set for its steepest weekly drop in nearly a month amid a pullback in bullion prices.

Sector leaders, Genesis Minerals dropped 4%, while Northern Star Resources and Evolution Mining declined 3.5% and 2.9%, respectively.

Additionally, oil and gas company Woodside Energy fell 1.9%, while Santos slipped 0.6%, as oil prices eased.

Heavyweight miners also declined, led by mining giants BHP (-1.5%) and Rio Tinto (-1.3%), as investors took profits after the sector hit a record close.

Looking ahead, markets are anticipating a wave of corporate earnings scheduled for later this month.

For the week, the ASX is poised to finish lower following last week’s strong rally.