Soaring gold prices have been hit with a reality check, facing their sharpest decline in 12 years, dragging back ASX miners and the broader sector with them.
Australia's share market has handed back Tuesday's record-breaking gains after falling gold prices prompted a mining sector sell-off.
The S&P/ASX200 fell 62.8 points on Wednesday, down 0.69 per cent, to 9,031.9, as the broader All Ordinaries lost 68.3 points, or 0.73 per cent, to 9,321.8.
The fall came after the index notched a new intraday record of 9,115.2 and a best-ever close of 9,094.7 on Tuesday.
Raw materials stocks tumbled more than 3 per cent as ASX-listed gold producers fell, while profit-taking weighed on rare earths and critical minerals miners a day after Australia inked a key investment deal with the United States.
Energy stocks rise, AUD steady
Energy stocks outperformed the broader market, rising 1.6 per cent as oil prices ticked higher on falling US inventories and hopes of a US-China trade deal.
The Australian dollar has been relatively steady, buying US65.01c, up slightly from US64.91c on Tuesday at 5pm.
